The goods and services tax (GST) is a federal tax charged on the cost of almost all goods and services. GST-taxable goods and services are taxed at %. When Fred of Fred's Auto Repair tallied up his accounts at the end of the year, he found he had paid GST on parking fees of $2000, supplies of $55,000 utilities of $4000, and miscellaneous eligible costs of $3300. During this same time, he found he had charged his customers GST on billings that totalled $175,000 for parts and $165,650 for labour. How much GST must Fred send to the government?

The goods and services tax (GST) is a federal tax charged on the cost of almost all goods and services. GST-taxable goods and services are taxed at %. When Fred of Fred's Auto Repair tallied up his accounts at the end of the year, he found he had paid GST on parking fees of $2000, supplies of $55,000 utilities of $4000, and miscellaneous eligible costs of $3300. During this same time, he found he had charged his customers GST on billings that totalled $175,000 for parts and $165,650 for labour. How much GST must Fred send to the government?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter12: Sequences, Series And Binomial Theorem

Section12.3: Geometric Sequences And Series

Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...

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