BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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State sales tax in your county is 6.5%. Find the total paid for a used car priced at $5495.
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$9066.74
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$9066.75
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$5852.17
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$5852.18
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Explanation:
Detailed explanation-1: -What is the formula to calculate sales tax? The formula to calculate sales tax is Total Sales Tax = Cost of item x Sales tax rate.
Detailed explanation-2: -For instance, if you sell goods or services for Rs 1000, then the net price will be Rs 1000 + 18% of 1000 (GST) = 1000 + 180 = Rs 1180. How to compute taxable GST? To find out the GST that is incorporated in a company’s receipts from items that are taxable, you need to divide the receipts by 1+ the applicable tax rate.
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