The sales tax rate applied to all purchases within a state was 0.04 (4 percent) throughout 2019
Question:
The sales tax rate applied to all purchases within a state was 0.04 (4 percent) throughout 2019 but increased to 0.05 (5 percent) during all of 2020. The state government collected all taxes due, but its tax revenues were equal to $40 million each year. What happened to the sales tax base between 2019 and 2020? What could account for this result?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (3 reviews)
During 2019 the income tax base was an amount of s...View the full answer
Answered By
Amar Kumar Behera
I am an expert in science and technology. I provide dedicated guidance and help in understanding key concepts in various fields such as mechanical engineering, industrial engineering, electronics, computer science, physics and maths. I will help you clarify your doubts and explain ideas and concepts that are otherwise difficult to follow. I also provide proof reading services. I hold a number of degrees in engineering from top 10 universities of the US and Europe.
My experience spans 20 years in academia and industry. I have worked for top blue chip companies.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The sales tax rate applied to all purchases within a state was 0.04 (4 percent) throughout 2012 but increased to 0.05 (5 percent) during all of 2013. The state government collected all taxes due, but...
-
The sales tax rate applied to all purchases within a state was 0.04 (4 percent) throughout 2016 but increased to 0.05 (5 percent) during all of 2017. The state government collected all taxes due, but...
-
The sales tax rate applied to all purchases within a state was 0.04 (4 percent) throughout 2010 but increased to 0.05 (5 percent) during all of 2011. The state government collected all taxes due, but...
-
Define pros and cons of the current transportation strategy of BEST and elaborate recommendations.
-
On October 31, 2012, the following data were accumulated to assist the accountant in preparing the adjusting entries for Dependable Realty: a. The supplies account balance on October 31 is $3,975....
-
What is self-excited vibration?
-
The second-order Runge-Kutta formula is given by \[\vec{X}_{i+1}=\vec{X}_{i}+\frac{1}{2}\left(\vec{K}_{1}+\vec{K}_{2} ight)\] where \[\vec{K}_{1}=h \vec{F}\left(\vec{X}_{i}, t_{i} ight) \quad \text {...
-
a. Refer to the table below. What is the cumulative budgeted cost at the end of week 6? Amounts are in thousands of dollars. b. Below is a table of actual costs. What is the cumulative actual cost at...
-
A 25 kg child slides, from rest, down a playground slide that is 4.0 m long, as shown in the figure. The slide makes a 40 angle with the horizontal. The child's speed at the bottom is 3.2 m/s. What...
-
Determine the largest intensity w 0 of the distributed load that the beam can support if the beam can withstand a maximum shear force of V max = 1200 lb and a maximum bending moment of M max = 600 lb...
-
Between 2020 and 2021, a small business owners income increased from $200,000 to $220,000. The annual state income taxes that she paid increased from $5,000 to $5,500. What was her average state...
-
In what way does the state of Wisconsin, by providing the lands occupied by state parks, make implicit grants even though the government transmits few payments explicitly?
-
Rick Hall owns a card shop, Halls Cards. The following cash information is available for the month of August Year 1: As of August 31, the bank statement shows a balance of $16,140. The August 31...
-
a=F/m; Ffriction = N; W=mg rope and Three carts with masses m=200 kg, m2 = 300 kg and m3= 100 kg are connected by the are pulled with the applied foree of Fa-2000 N. All three cars are experiencing...
-
An airport traffic control tower is responsible for all airplanes within a 75-mile radius. A flight takes off from Austin at 5:00 AM and flies directly to Seattle, passing over Salt Lake City in the...
-
10pts) A hillside with a spring in South Sudan has the following characteristics: The soil bank seeping water is exposed along 80 ft and the saturated thickness is 3 ft above the impervious clay...
-
1. Light is a wave, and it passes through the large slits we call doorways all the time. Yet we never see it diffracting (bending around the doorway corners) because its wavelength is so much smaller...
-
The mass of a disk of radius R and thickness t is not uniformly distributed; it has density, i.e., mass per unit volume, (r ) = 0/[1 + r 2/R2], where 0 is the density at the center and r is the...
-
Would you expect the demand curve for a firm in a monopolistically competitive industry to be more or less elastic in the long run after competitor entry has eliminated economic profits?
-
In the busy port of Chennai, India, the number of containers loaded onto ships during a 15-week period is as follows: 1. Develop a linear trend equation to forecast container loadings. 2. Using the...
-
Go to this texts Web site at academic. cengage.com/blaw/clarkson and select Chapter 20. Click on Video Questions and view the video titled Sales and Lease Contracts: Price as a Term. Then answer the...
-
Given that Euro Motorcars had had prior dealings with Figueroa on a number of occasions and did not suspect that Figueroa would commit theft, was the result in this case fair? Why or why not?
-
If automobile title documents were available online, would that have helped Euro to avoid loss in this situation? What problems might the online availability of title documents lead to?
-
Let be the following statement. For every computable function f: {0, 1}* {0, 1}*, there is a computable function g {0,1} {0, 1}* such that, for all r = {0,1}*, g(f(x)) = x. (a) Prove that is false by...
-
import java.util.Scanner; Type the program's output public class BreakAndContinue ( public static void main(String[] args) { Scanner scnr = new Scanner(System.in); int result; int stop; int a; int b;...
-
Consider the set of points given in the following figure: 10 9 7 B 8 16 G 4 5 3 H H 2 1 0 01 2 3 4 5 67 8 9 10 Assume that eps = 2 and minpts = 3 (including the centre point). Using Euclidian...
Study smarter with the SolutionInn App