11 Part 2 of 10 1.97 points eBook ! Required Information [The following information applies to...

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11 Part 2 of 10 1.97 points eBook ! Required Information [The following information applies to the questions displayed below.] Happy Hippos (HH) is a manufacturer and retailer of New England crafts headquartered in Camden, Maine. HH provides services and has sales, employees, property, and commercial domicile as follows: Happy Hippos In-State Activities State Sales Connecticut Maine Employees Property Services Commercial Domicile Massachusetts New York Print Rhode Island Vermont HH's sales of goods and services by state are as follows: State Connecticut Massachusetts References Maine New York Rhode Island Vermont Totals Happy Hippos Sales Goods $ 78,231 292,813 90,238 129,322 98,313 123,914 $ 812,831 Total Services $ 52,321 81,313 $ 130,552 23,942 $ 157,576 374,126 90,238 129,322 98,313 147,856 $ 970,407 HH has federal taxable Income of $282,487 for the current year. Included in federal taxable income are the following Income and deductions: $12,000 of Vermont rental Income. City of Orono, Maine, bond Interest of $10,000. $10,000 of dividends. $2.498 of state tax refund Included In Income. $32,084 of state net Income tax expense. $59,234 of federal depreciation. Other relevant facts Include: Assume that the New York sales are to a single customer who is a retailer and can provide a valid New York reseller's certificate. Maine state depreciation for the year was $47,923, and Maine doesn't allow deductions for state income taxes. The employees present in Connecticut, Massachusetts, and Rhode Island are salespeople who perform only activities protected by Public Law 86-272 Assume that each of the states is a separate-return state. HH's payroll is as follows: Payroll State Connecticut Maine Massachusetts Rhode Island Vermont Total HH's property is as follows: Wages $ 94,231 392,195 167,265 92,391 193,923 $ 940,005 State Maine Vermont Total Property Beginning $ 938,234 329,134 $1,267,368 Ending $ 937,652 428,142 $1,365,794 Rented $ 12,000 $ 12,000 Note: Leave no answer blank. Enter zero if applicable. Except as directed, round your final answers to the nearest whole dollar amount. b. Calculate the sales tax HH must remit assuming the following (hypothetical) sales tax rates: Connecticut (6 percent) Maine (8 percent) Massachusetts (7 percent) New York (8.875 percent) Rhode Island (5 percent) Vermont (9 percent) Sales tax liability Connecticut Maine Massachusetts $ 6,317 New York Rhode Island Vermont d. Determine HH's state tax base for Maine, assuming federal taxable income of $282,487. State tax base $ 323,384 e. Calculate business and nonbusiness income. Answer is complete but not entirely correct. $ Business income 291,381 $ Nonbusiness income (32,000) g. Calculate HH's business income apportioned to Maine. Note: Round all apportionment factors to 2 decimal places. Answer is complete but not entirely correct. Business income $ 156,088 h. Determine HH's allocation of nonbusiness Income to Maine. Answer is complete but not entirely correct. $ Nonbusiness income 154,080 1. Determine HH's Maine taxable income. Answer is complete but not entirely correct. Taxable income $ 211,346x J. Calculate HH's Maine Income tax liability, assuming a Maine Income tax rate of 5 percent. * Answer is complete but not entirely correct. Tax liability $ 10,567 11 Part 2 of 10 1.97 points eBook ! Required Information [The following information applies to the questions displayed below.] Happy Hippos (HH) is a manufacturer and retailer of New England crafts headquartered in Camden, Maine. HH provides services and has sales, employees, property, and commercial domicile as follows: Happy Hippos In-State Activities State Sales Connecticut Maine Employees Property Services Commercial Domicile Massachusetts New York Print Rhode Island Vermont HH's sales of goods and services by state are as follows: State Connecticut Massachusetts References Maine New York Rhode Island Vermont Totals Happy Hippos Sales Goods $ 78,231 292,813 90,238 129,322 98,313 123,914 $ 812,831 Total Services $ 52,321 81,313 $ 130,552 23,942 $ 157,576 374,126 90,238 129,322 98,313 147,856 $ 970,407 HH has federal taxable Income of $282,487 for the current year. Included in federal taxable income are the following Income and deductions: $12,000 of Vermont rental Income. City of Orono, Maine, bond Interest of $10,000. $10,000 of dividends. $2.498 of state tax refund Included In Income. $32,084 of state net Income tax expense. $59,234 of federal depreciation. Other relevant facts Include: Assume that the New York sales are to a single customer who is a retailer and can provide a valid New York reseller's certificate. Maine state depreciation for the year was $47,923, and Maine doesn't allow deductions for state income taxes. The employees present in Connecticut, Massachusetts, and Rhode Island are salespeople who perform only activities protected by Public Law 86-272 Assume that each of the states is a separate-return state. HH's payroll is as follows: Payroll State Connecticut Maine Massachusetts Rhode Island Vermont Total HH's property is as follows: Wages $ 94,231 392,195 167,265 92,391 193,923 $ 940,005 State Maine Vermont Total Property Beginning $ 938,234 329,134 $1,267,368 Ending $ 937,652 428,142 $1,365,794 Rented $ 12,000 $ 12,000 Note: Leave no answer blank. Enter zero if applicable. Except as directed, round your final answers to the nearest whole dollar amount. b. Calculate the sales tax HH must remit assuming the following (hypothetical) sales tax rates: Connecticut (6 percent) Maine (8 percent) Massachusetts (7 percent) New York (8.875 percent) Rhode Island (5 percent) Vermont (9 percent) Sales tax liability Connecticut Maine Massachusetts $ 6,317 New York Rhode Island Vermont d. Determine HH's state tax base for Maine, assuming federal taxable income of $282,487. State tax base $ 323,384 e. Calculate business and nonbusiness income. Answer is complete but not entirely correct. $ Business income 291,381 $ Nonbusiness income (32,000) g. Calculate HH's business income apportioned to Maine. Note: Round all apportionment factors to 2 decimal places. Answer is complete but not entirely correct. Business income $ 156,088 h. Determine HH's allocation of nonbusiness Income to Maine. Answer is complete but not entirely correct. $ Nonbusiness income 154,080 1. Determine HH's Maine taxable income. Answer is complete but not entirely correct. Taxable income $ 211,346x J. Calculate HH's Maine Income tax liability, assuming a Maine Income tax rate of 5 percent. * Answer is complete but not entirely correct. Tax liability $ 10,567