Assume the following information to complete this question. Total Gross Sales $100,000 Total Full Deduction $60,000 Total Sales Tax rate of 9% Calculate the amount of District Tax that would be reported. Knowledge of the statewide base rate is needed to figure out ONLY the district tax amount. It may be helpful to use the sales tax return as your guide.
Assume the following information to complete this question. Total Gross Sales $100,000 Total Full Deduction $60,000 Total Sales Tax rate of 9% Calculate the amount of District Tax that would be reported. Knowledge of the statewide base rate is needed to figure out ONLY the district tax amount. It may be helpful to use the sales tax return as your guide.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume the following information to complete this question.
Total Gross Sales $100,000
Total Full Deduction $60,000
Total Sales Tax rate of 9%
Calculate the amount of District Tax that would be reported.
Knowledge of the statewide base rate is needed to figure out ONLY the district tax amount. It may be helpful to use the sales tax return as your guide.
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Step 1
Sales tax:
Sales tax can be defined as the consumption tax which is imposed by the government on the goods and services sold. Sales tax is collected by the retailer and is deposited to the government. Ultimate burden of the sales tax falls on customer.
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