Urgently need Suppose that the HST tax rate is increased to 20% value added tax.1. Complete the following table:Tax CreditAllowedProducerSalesТаxAssessmentTax DueSalt Mine$200 millionSalt Refiner$350 millionSalt$380 millionWarehouseGrocer$500 million2. The total taxes collected by the government are $3. If the HST was replaced with a sales tax at a rate of 10%, and if all sales were taxed every timea transaction occurred, the total tax collected would be

Harmonized sales tax is a Consumption tax in Canada. It is levid on federal goods and service.…

Suppose that the HST tax rate is increased to 20% value added tax. 1. Complete the following table: Producer Tax Credit Allowed Sales Тах Assessment Таx Due Salt Mine $200 million Salt Refiner $350 million $380 million Salt Warehouse Grocer $500 million 2. The total taxes collected by the government are $ 3. If the HST was replaced with a sales tax at a rate of 10%, and if all sales were taxed a transaction occurred, the total tax collected would be every time

Suppose that the HST tax rate is increased to 20% value added tax. 1. Complete the following table: Producer Tax Credit Allowed Sales Тах Assessment Таx Due Salt Mine $200 million Salt Refiner $350 million $380 million Salt Warehouse Grocer $500 million 2. The total taxes collected by the government are $ 3. If the HST was replaced with a sales tax at a rate of 10%, and if all sales were taxed a transaction occurred, the total tax collected would be every time

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 16EA: Project B cost $5,000 and will generate after-tax net cash inflows of $500 in year one, $1,200 in...

See similar textbooks

Similar questions

Suppose you earn $60,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $30,000. The second tax bracket, which taxes at 25 percent, ranges from $30,001 to $120,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number. %24
5.2 Calculate the incremental profit/loss after tax. INFORMATION:Lubners Traders is considering extending credit to some customers who may be at risk of defaulting in payment. Sales will increase by R200 000 if credit is granted to these customers. From the new accounts receivable generated, 8% is expected to be uncollectable. Additional collection costs will be 3% of sales, and the production and selling costs will be 65% of sales. Taxation is 28%.
Scenario: You have just been hired by the country of "Shorelinia" to create a tax system. Your tax system must collect at least $1,000 billion in revenue. You have three taxes to choose from; income tax, sales tax, and payroll tax. a) Step 1.A.1. - Personal Income Tax rates You must decide personal income tax rates for 3 income groups: lower, middle, and upper income. (For each group you will choose the marginal tax rate. Your choices are 0%, 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, or 50%.) In the table below, you will find how much revenue you will collect from each income group. Income tax revenue (in billions of $) at various tax rates 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Lower $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 Middle $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 Upper $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 The income tax rates will be: Lower (income under $40,000) =…
Income Tax rates will be changed to the following Marginal Tax Rates given by: T(I) = 40*I2/ I2+1000 T is the tax rate given as a percentage I is the income of the person in THOUSANDS of dollars What is the Person who makes $20,000 top marginal tax rate? (round the nearest hundredth of a percent)
Congress would like to increase tax revenues by 5 percent. Assume that the average taxpayer in the United States earns $40,000 and pays an average tax rate of 20 percent. Required: a. If the income effect is in effect for all taxpayers, what average tax rate will result in a 5 percent increase in tax revenues? Note: Round your answer to 2 decimal places. b. This is an example of what type of forecasting? Complete this question by entering your answers in the tabs below. Required A Required B This is an example of what type of forecasting?
(gnore income taxes in this problem.) Your Company is considering an investment that has the following data: Year 2 5 Investment $20,000 Cash inflow $12,000 $12,000 $15,000 $4,000 $4,000 In what year does the payback period for this investment occur? Year 2. Year 3. Year 4. Year 5.
1. Show that a 20% retail sales tax is regressive by putting numbers in the following table. Income Consumption Tax Saving Tax /Income $ 24,000 $120,000 $30,000
A company, based in the Midwest, requires an 8.000% after tax rate of return. The state tax rate is 5% and the company is in the 21% federal tax bracket.Using the combined incremental tax rate equation on p. 433 of the textbook and the after-tax rate of return equation on p. 439, what is the estimate of the before-tax rate ofreturn required.Give rate of return in percent to 3 decimal places like 10.134% or 9.765%
D6) If the corporate tax rate in a foreign country is 20%and the tax rate in the home country is 30%, when calculating NPV a.you must account for paying the additional 10% in corporate taxes. b.you do NOT adjust NPV for taxes c.you should account for paying an additional 30% in corporate taxes. d.you should increase the NPV of the project by 10%.
Congress would like to increase tax revenues by 8 percent. Assume that the average taxpayer in the United States earns $43,000 and pays an average tax rate of 30 percent. Required: a. If the income effect is in effect for all taxpayers, what average tax rate will result in a 8 percent increase in tax revenues? Note: Round your answer to 2 decimal places. b. This is an example of what type of forecasting? Complete this question by entering your answers in the tabs below. Required A Required B If the income effect is in effect for all taxpayers, what average tax rate will result in a 8 percent increase in tax revenues? Note: Round your answer to 2 decimal places. Average tax rate %
The next three Parts are based on the table below which shows a payments schedule for a hypothetical negative income tax program. Family income Tax liability $2000 3000 4000 5000 - $3200 - 2800 - 2400 - 2000 Assuming that it is constant, what is the benefit reduction rate? (a) 25 percent (b) 40 percent (c) 50 percent (d) 60 percent (e) 75 percent What is the breakeven level of income? (a) $7,000 (b) $ 8,000 (c) $ 9,000 (d) $10,000 (e) $12,000 C)What is the "guarantee" or the after-tax income when pre-tax income is zero? (a) $3,000 (b) $3,500 (c) $4,000 (d) $4,500 (e) $5,000
Suppose you bought a digital camera for a total purchase price of $277.99. If state taxes were 5.4%, what was the amount of the sales tax? (Round your answer to the nearest cent.) a. $5.40 b. $14.24 c. $15.01 d. $51.48