ECONOMICS
INCENTIVES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$43.20
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$42.00
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$46.20
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$35.24
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Detailed explanation-1: -Generally, tax is calculated by multiplying the applicable tax rate with the taxable income. Though it seems simple, it consists of several steps, including calculating gross salary, calculating deductions and exemptions, calculating tax payable, deducting tax already paid, etc.
Detailed explanation-2: -If your tax rate is 8%, enter =C8*0.08. Press Enter and the amount of sales tax appears in the cell you selected. For a 5% rate, $1.20 appears. Calculating the total price is just a matter of adding the amounts in cell C8 and C9.
Detailed explanation-3: -Sales tax (ST) is the tax charged by the government on the items sold by the shopkeepers. The tax is then paid by the shopkeeper to the government. Sales tax = Tax% of Bill Amount.
Detailed explanation-4: -Step 1: take the total price and divide it by one plus the tax rate. Step 2: multiply the result from step one by the tax rate to get the dollars of tax. Step 3: subtract the dollars of tax from step 2 from the total price. Pre-Tax Price = TP – [(TP / (1 + r) x r] TP = Total Price. More items •27-Nov-2022