You are the owner of Cache, a chain of women’s clothing boutiques. Your state has a sales tax of 5% and your city has an additional sales tax of 1.5%. Each quarter you’re responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue including sales tax of $266,250. A- how much revenue was sales in dollars, and how much is sales tax in dollars? B-how much sales tax in dollar should be sent to the city? C- how much sales tax and dollars should be sent to the state

You are the owner of Cache, a chain of women’s clothing boutiques. Your state has a sales tax of 5% and your city has an additional sales tax of 1.5%. Each quarter you’re responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue including sales tax of $266,250. A- how much revenue was sales in dollars, and how much is sales tax in dollars? B-how much sales tax in dollar should be sent to the city? C- how much sales tax and dollars should be sent to the state

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 18P

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You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $705,250. How much of this revenue was sales (in $) and how much was sales tax (in $)?
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