To Calculate the Sales Tax Amount, Use the Following Formula

question 115

True/False

To calculate the sales tax amount, use the following formula:
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Sales Tax = Selling Price x (1 + Sales Tax Rate)​

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Definitions:

Officer

An individual appointed by a company's board of directors who is charged with managing the day-to-day operations of the company.

Incorporation Process

The series of legal steps taken to form a corporate entity or company which is recognized by law as a separate legal entity from its owners.

Majority Vote

A voting requirement where more than half of the votes cast by individuals entitled to vote are needed to make a decision or pass a resolution.

Shareholders

Individuals or entities that own shares in a corporation, giving them the right to vote on corporate matters and receive dividends.