The state levies a $4$ percent sales tax on merchent salrs volume while the local government levies a $2$ percent tax on the same activity. Merchants are required to remit the full amount of all livied taxes to the state government within $15$ days of month$-$end and the state is required to remit collected taxes to the local authorities within $30$ days of the reciept. Assume the state and local authority has June $39$ year ends, and the sales volume for months of june and july were $$100,000$ and $$200,000,$ respectively. At June $30,$ each government would accrue the

following related to sales activity:

State Local government

Tax revenue Payable Tax Revenue?

Answer rating: 100% (QA)

To calculate the tax revenue payable to each government we need to calculate the sales tax collected ... View the full answer