Question

Give an example to calculate sales tax

Answer 1

Answer:

The formula for calculating the sales tax on a good or service is: selling price x sales tax rate, and when calculating the total cost of a purchase, the formula is: total sale amount = selling price + sales tax.

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Answer 2

Answer:

The calculation of sales tax is very easy as it involves very simple concept of percentage.

The government of every country needs money the following:

(i) to meet their administrative expenses,

(ii) to execute social welfare and development schemes,

(ii) to meet the expenses on salaries of its employees, etc.

One of the many sources of collecting money (revenue) by the government from the citizen on the sale of goods within their respective territories. This purpose is known as sales tax.

It is levied by a government on the sale of different commodity. The sales tax is the sum of money a buyer pays over and above the price of a commodity to buy it.