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 $596,750. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales sales tax $ (b) How much sales tax (in $) should be sent to the city? (c) How much sales tax (in $) should be sent to the state?
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 $596,750. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales sales tax $ (b) How much sales tax (in $) should be sent to the city? (c) How much sales tax (in $) should be sent to the state?
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 18P
Related questions
Question
Transcribed Image Text: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 $596,750.
(a) How much of this revenue was sales (in $) and how much was sales tax (in $)?
sales
sales tax
$
(b) How much sales tax (in $) should be sent to the city?
(c) How much sales tax (in $) should be sent to the state?
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you