The collected tax on purchase of $76.00 is $5.32
Further explanation:
The sales tax is calculated on the total sales by the formula
[tex]Tax = total * \frac{7}{100}[/tex]
Given
Total purchase = $76.00
Percentage of tax = 7%
So,
Putting the values in the formula
[tex]Tax\ amount = 76.00 * \frac{7}{100}\\= 5.32[/tex]
So, the collected tax on purchase of $76.00 is $5.32
Keywords: Tax, tax calculation
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