Vendors at Municipal Stadium sell their wares at prices that include the city, state, and transit district sales taxes; the total of these taxes is 8.25 percent when added to prices that do not include the sales tax.
a. Convert this 8.25 percent tax-exclusive sales tax rate into its tax-inclusive equivalent rate (Hint: Use the method outlined for VAT calculations.)
b. A vendor has receipts (including sales tax) at a game of $15,325. What sales tax must the vendor remit to the tax authorities?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Vendors at Municipal Stadium sell their wares at prices that include the city, state, and transit district sales taxes; the total of these ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Tim Baker is an account representative from the United States for an automotive parts supplier and is meeting with a client team in Japan.
Answers (1)
The tax laws allow taxpayers to use which of the following methods for accounting for research and experimentation costs paid or incurred in connection with a trade or business? Deduct the expenditures in the year in which they are paid or incurred.
Answers (1)
Mallory hires Raghav to work for one year as an assistant manager at $5,500 per month, reserving the right to cancel the contract at any time. After two months, Mallory fires Raghav because the company's order volume drops.
Answers (1)
Carol wants to expand her recycled toy business abroad because demand for recycled products is much higher in Europe and Asia than in the United States.
Answers (1)
Assume the macro islands can build either 5 hotels or 15 stores and the micro islands can build either 4 hotels or 20 stores in the same time period. this data tells an economist that the
Answers (1)
New Questions in Business
Explain what is meant by market research.
Answers (1)
Jean, a restaurant critic, publishes a review in a national daily that the sandwiches served at his friend's deli are usually not fresh. Tom, the owner of the deli, notices a significant decrease in customers after the review gets published.
Answers (1)
Why did the Soviet Union experience many surpluses and shortfalls? A) The labor force wasn't well educated B) The cold climate made farming hard C) Central planners could not manage every detail D) The country depended on imports to obtain resources.
Answers (1)
A hospitality operation has sales revenue of $462,000 with variable cost averaging 44%. Fixed costs are $188,000. The owner wants a net income after tax of $50,400 based on a tax rate of 28%. a.
Answers (1)
True or false fdr was eager to use deficit spending to end the economic crisis.
Answers (1)