Which phrase best describes taxable income?
1 answer:
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Answer:
<em>4.32%</em>
Step-by-step explanation:
Step 1:
To solve this, we must know how to find sales tax first. Let's use this equation:
t = p × r
Let t stand for the total amount of sales tax
Let c stand for the purchase
Let r stand for the sales tax rate.
Step 2:
Now, let us plug in what is given. We know that the purchase made cost $2,500:
t = $2,500 x r
Annddd, we also know that the sales tax is $108:
$108 = $2,500 x r
Therefore, our equation is:
$108 = $2,500 x r
Step 3:
We can simplify this to:
$108 = $2,500r
Step 4:
All we need to do is divide each side by 2500 because the goal is get r all by itself
Step 5:
This gives us:
r = 0.0432
Step 6:
We're not done! Since we are dealing with a percentage, we would multiply .0432 by 100% and that gives us our final answer of
4.32% is our sales tax