I got $0 for questions 1,2 are NOT correct, can you help me correct and explain it? tks 1). Jamie is single and shops online for household purchases such as televisions and computer equipment for personal use. This year Jamie purchased $12,330 of items each above $1,000 and $750 of items each below $1,000 from out of state retailers. Jamie sales tax rate area is 8.25% and he paid $3 of sales and use tax to other states. Jamie applies 75% of any refund to next year’s tax liability. This year’s Form 540 had the following amounts: Adjusted gross income $187,628 Total tax $ 8,092 Total payments                $ 10,113 What is the amount that will be "Applied to Next Year" reported on Form 540, line 98? $0 $242 $744 $968 2). Jamie is single and shops online for household purchases such as televisions and computer equipment for personal use. This year Jamie purchased $12,330 of items each above $1,000 and $750 of items each below $1,000 from out of state retailers. Jamie sales tax rate area is 8.25% and he paid $3 of sales and use tax to other states. Jamie applies 75% of any refund to next year’s tax liability. This year’s Form 540 had the following amounts: Adjusted gross income $187,628 Total tax $ 8,092 Total payments                $ 10,113 What is the amount of "Overpaid Tax Available this Year" reported on Form 540, line 99? $0 $248 $726 $968 3). Jamie is single and shops online for household purchases such as televisions and computer equipment for personal use. This year Jamie purchased $12,330 of items each above $1,000 and $750 of items each below $1,000 from out of state retailers. Jamie sales tax rate area is 8.25% and he paid $3 of sales and use tax to other states. Jamie applies 75% of any refund to next year’s tax liability. This year’s Form 540 had the following amounts: Adjusted gross income $187,628 Total tax $ 8,092 Total payments                $ 10,113 What is the amount of "Tax Due" reported on Form 540, line 100? $0 $242 $726 $968

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

I got $0 for questions 1,2 are NOT correct, can you help me correct and explain it? tks

1). Jamie is single and shops online for household purchases such as televisions and computer equipment for personal use. This year Jamie purchased $12,330 of items each above $1,000 and $750 of items each below $1,000 from out of state retailers. Jamie sales tax rate area is 8.25% and he paid $3 of sales and use tax to other states. Jamie applies 75% of any refund to next year’s tax liability. This year’s Form 540 had the following amounts:

Adjusted gross income $187,628

Total tax $ 8,092

Total payments                $ 10,113

What is the amount that will be "Applied to Next Year" reported on Form 540, line 98?

$0

$242

$744

$968

2). Jamie is single and shops online for household purchases such as televisions and computer equipment for personal use. This year Jamie purchased $12,330 of items each above $1,000 and $750 of items each below $1,000 from out of state retailers. Jamie sales tax rate area is 8.25% and he paid $3 of sales and use tax to other states. Jamie applies 75% of any refund to next year’s tax liability. This year’s Form 540 had the following amounts:

Adjusted gross income $187,628

Total tax $ 8,092

Total payments                $ 10,113

What is the amount of "Overpaid Tax Available this Year" reported on Form 540, line 99?

$0

$248

$726

$968

3). Jamie is single and shops online for household purchases such as televisions and computer equipment for personal use. This year Jamie purchased $12,330 of items each above $1,000 and $750 of items each below $1,000 from out of state retailers. Jamie sales tax rate area is 8.25% and he paid $3 of sales and use tax to other states. Jamie applies 75% of any refund to next year’s tax liability. This year’s Form 540 had the following amounts:

Adjusted gross income $187,628

Total tax $ 8,092

Total payments                $ 10,113

What is the amount of "Tax Due" reported on Form 540, line 100?

$0

$242

$726

$968

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education