Question

The Smiths have saved $25,000 toward the purchase of a new car. If
the sales tax is 5%, the purchase price of the Smiths' new car before taxes cannot exceed what?

Answer 1

Answer:

An Income Tax is a tax that is levied on the income earned by working individuals. Most governments impose taxes on financial income generated by all entities within their jurisdiction. This is the primary source of funds for the government to finance all its activities. All businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund.