Back Out the Sales Tax or Gratuity from the Following

question 39

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Back out the sales tax or gratuity from the following problems. Show the sales tax owed or the amount of money that the business or waitperson will receive. Round answers to the nearest cent. Naomi purchased a new combination oven for $ , tax included. The sales tax was 7.50%. Sales tax: $_______________

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Definitions:

Net Present Value

A calculation that determines the present value of an investment's expected cash flows, minus the initial investment cost, taking into account the time value of money.

Marginal Tax Rate

The rate at which the last dollar of a taxpayer’s income is taxed, indicating the percentage of tax applied to their income for each tax bracket in which they qualify.

Pre-Tax Salvage

The value of an asset before taxes that can be obtained at the end of its useful life or at the time of its disposal.

Maintenance Cost

refers to the expenses involved in keeping an asset, property, or equipment in its original or functional condition.