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## 2. Taxpayer C earns a \$ 310,000 annual salary and pays 17% income tax. If tax rates increase to 25% and taxpayer C would like to maintain his current standard of living, how he will respond to the tax rate increase: (a) in a manner consistent with income effect and (b) in a manner consistent with substitution effect. 3. Laser Jet Company provides printing services to its customers. During May, the company provided customer A services for OR 1,500. According to VAT, how much customer A should pay to Laser Jet? And explain what type of VAT is it? 4. Taxpayer B earned \$15,000 and paid \$1,500 of income tax; taxpayer C earned \$40,000 and paid \$3,000 of income tax. (a) Compute the tax rates of B & C and (b) indicate the tax rate structure they are subject to.

For each independent case listed below, answer the related question(s). You must show your calculations and provide explanations (i.e definitions, methods) where needed to support your answers.
1. Caps company rents a building on March 1 2019 and starts the business on June 15, 2019. The company estimates a monthly income of OR 4,500 from selling taxable supplies. State when (i.e. date) and why, if at all, the company is liable to register for VAT.
2. Taxpayer C earns a \$ 310,000 annual salary and pays 17% income tax. If tax rates increase to 25% and taxpayer C would like to maintain his current standard of living, how he will respond to the tax rate increase: (a) in a manner consistent with income effect and (b) in a manner consistent with substitution effect.
3. Laser Jet Company provides printing services to its customers. During May, the company provided customer A services for OR 1,500. According to VAT, how much customer A should pay to Laser Jet? And explain what type of VAT is it?
4. Taxpayer B earned \$15,000 and paid \$1,500 of income tax; taxpayer C earned \$40,000 and paid \$3,000 of income tax. (a) Compute the tax rates of B & C and (b) indicate the tax rate structure they are subject to.
5. Company AB billed customers for taxable supplies on September 15. Customers paid OR 15,000 on October 5 and received the supplies on September 16. State when Company AB is obliged to record taxes on the above transaction? And why?

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