OTHER PERCENTAGE TAXES IDENTIFICATION OF BUSINESS TAX PAYABLE Value-added tax Value-added tax VAT on office supplies; Exempt on books 10 11 Value-added tax 12 Value-added tax 13 Value-added tax Value-added tax Common carrier’s tax Value-added tax Value-added tax Value-added tax 3% Non-VAT Exempt 14 15 16 17 18 19 20 21 22 Premium Tax Value-added tax Amusement tax Gross Receipts Tax Value-added tax Value-added tax on local calls Value-added tax Amusement Tax VAT on sale of school & office supplies; Exempt on sale of books 23 Value-added Tax 24 Value-added tax 25 Franchise Tax/VAT TEST MULTIPLE CHOICE B A 11 C 16 C 21 A 26 C B C 12 A 17 C 22 C 27 C B A 13 A 18 C 23 B 28 B C C 14 C 19 A 24 B 29 C A 10 C 15 C 20 A 25 B 30 A TEST – MULTIPLE CHOICE Answer: A Answer: D Answer: C Answer: C Answer: D Answer: D Answer: A 89 Answer: D Answer: C Prior periods Current period Succeeding period Gross receipts Rate of tax Common carrier’s tax P 50,000 300,000 10,000 360,000 3% 10,800 Answer: B Gross receipts Rate of tax Amusement tax 1 P 360,000 18% 64,800 Answer: D Gross receipts Rate of tax Amusement tax 12 P 360,000 30% 108,000 Answer: C Gross sales Rate of tax Percentage tax 13 Answer: A 14 Answer: A P 67,800 3% 2,034 Gross receipts (P371,250 / 99%) Multiply by Value-added tax 15 P 375,000 3/28 40,179 Answer: B Jeepney No Jeepney No Jeepney No Jeepney No Gross receipts Rate of tax Common carrier's tax 26,000 22,300 21,900 21,900 92,100 3% 2,763 90 Answer: Gross receipts (minimum) (54,733 x 3) Rate of tax Common carrier's tax Answer: A Gross receipts Rate of tax Percentage tax P 125,000 3% 3,750 Answer: C Gross receipts Multiply by Value-added tax 19 P125,000 12% 15,000 Answer: D December Rate of tax Franchise tax 20 430,000 2% 8,600 Answer: C Output tax (P660,000 x 3/28) Less: Input tax VAT payable 21 Answer: C 22 Answer: A P 70,714 37,200 33,514 Gross receipts Rate of tax Franchise tax 23 Answer: C 24 Answer: A P 500,000 3% 15,000 Amount indicated in the bill Percentage of overseas calls Bill on overseas calls Divide by Overseas communication tax P 164,199 3% 4925.97 A P 4,000 25% 1,000 11 90.91 91 Operation Sale of food and softdrinks Sale of liquor Gross receipts Rate of tax Amusement tax 26 P 450,000 65,000 72,000 587,000 18% 105,660 Answer: C Sale of food and softdrinks Sale of liquor Gross receipts Rate of tax Percentage tax 27 P 65,000 72,000 137,000 3% 4,110 Answer: C Operation of cockpit Rate of tax Amusement tax 28 P 450,000 18% 81,000 Answer: B Total collections Less: Bouncing check (P125,000 x 25%) x 10% Base Rate Percentage tax 29 Answer: C Entrance fee Foods and drinks Bar fines Rental Gross receipts Rate of tax Amusement tax 30 P 45,000 460,000 30,000 18,000 553,000 18% 99,540 Answer: C Gates P1,500,00 250,000 30,000 1,780,000 15% 267,000 Radio and television coverage Lease of eatery Gross receipts Rate of tax Amusement tax 31 P 125,000 3,125 121,875 5% 6,093.75 Answer: B 92 Admission fee Sale of food and softdrinks Sale of wines, beer and liquor Gross receipts Rate of tax Amusement tax 32 P 15,000 115,000 540,000 670,000 18% 120,600 Answer: C Gross sales Rate of tax Percentage tax 33 P 67,800 3% 2,034 Answer: A Gross selling price Rate of tax Stock transaction tax 34 Answer: B 35 Answer: D P 120,000 005 600 93 ... Percentage tax 13 Answer: A 14 Answer: A P 67,800 3% 2,034 Gross receipts (P371,250 / 99%) Multiply by Value-added tax 15 P 375,000 3/28 40,179 Answer: B Jeepney No Jeepney No Jeepney No Jeepney No Gross... Gross receipts Rate of tax Percentage tax P 125,000 3% 3,750 Answer: C Gross receipts Multiply by Value-added tax 19 P125,000 12% 15,000 Answer: D December Rate of tax Franchise tax 20 430,000 2%... overseas calls Bill on overseas calls Divide by Overseas communication tax P 164,199 3% 4925.97 A P 4,000 25% 1,000 11 90.91 91 Operation Sale of food and softdrinks Sale of liquor Gross receipts