Calculate the a) total tax rate, and b) sales tax. 1. Item Clothing Cell Phone MP3 Player Computer Take-Out Pickup Truck Total Selling Price $81.39 $159,95 $195.55 $1,599.75 $49.85 $38,562.42 State Tax Rate 3.00% 5.00% 4.00% 4.88% 8.13% 6.50% City Tax Rate 0.00% 0.00% 2.00% 1.50% 2.50% 1.25% a. a. a. a. a. a. Total Tax Rate b. b. b. b. b. b. Sales Tax

Calculate the a) total tax rate, and b) sales tax. 1. Item Clothing Cell Phone MP3 Player Computer Take-Out Pickup Truck Total Selling Price $81.39 $159,95 $195.55 $1,599.75 $49.85 $38,562.42 State Tax Rate 3.00% 5.00% 4.00% 4.88% 8.13% 6.50% City Tax Rate 0.00% 0.00% 2.00% 1.50% 2.50% 1.25% a. a. a. a. a. a. Total Tax Rate b. b. b. b. b. b. Sales Tax

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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5. At J&J Department Store, Sam Dodson purchases a cassette tape player for $88.98 and three tapes for $4.98 each. The sales tax rate is 4.5%. What is the sales tax on Sam's purchases? eold chain fo $42.50, and a 6.Darlene Jaworski purchases an $84.00 caloulator book for sale $13.80. The Sales tax?
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Find the amount of sales tax on a car that costs 12,800 where the sales tax rate is 6.5%
[Item #7] Multiple Choice
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Ellingham Total Assessed Property Valuation $56,000,000 Total Taxes Required $2,600,000 Percent X % Property Tax Rate Per $100 (in $) $4.64 X Per $1,000 (in $) $ 46.43 Mills 46.43
Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.) $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above Average Tax:__`17.729% Marginal Tax:__`25¹% Tax 5% 10% 15% 25% 30% 45% $ $ Taxable Income Amount Taxed type your ansv type your ansv type your ansv = type your ansv $16,500 $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaining $ $ $ $ type your answe type your answe type your answe type your answe
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your a two decimal places.) Community Total Assessed Property Valuation Total Taxes Required Ellingham Submit Answer $55,000,000 $2,400,000 43 Property Tax Rate Percent Per $100 (in 5) Per $1,000 (in $) Mills X% $43 x $ 43.64 ✓ 0.000044 x
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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.
Suppose you buy lunch for $17.00 that includes a 8% sales tax. How much did the restaurant charge you for the lunch (excluding any tax) and how much does the restaurant owe for sales tax? (Do not round intermediate calculations. Round the answers to 2 decimal places.) $15.74 for lunch and $1.26 for sales tax. $17.00 for lunch and $1.36 for sales tax. $17.00 for lunch and $1.26 for sales tax. $15.64 for lunch and $1.36 for sales tax.