Answered

IDNLearn.com offers a unique blend of expert answers and community insights. Get accurate and detailed answers to your questions from our dedicated community members who are always ready to help.

A trucking company buys 25,275 gallons of gasoline. The federal excise tax is $0.195 per gallon. Find the amount of excise tax due. (Round your answer to the nearest cent if necessary)​

Sagot :

Answer: 5,055

Step-by-step explanation

multiply the amount of gallons purchased by tax and round up

Anvimalik867idn

$4928.625 is the answer.

An Excise tax is an indirect tax, usually paid by the manufacturer or retailer of the product. then passes along in the price of the product to the consumer.

Amount of gasoline = 25,375 gallons.

The Excise tax = $0-195/gallon.

The amount of Excise tax dece = 25.875 X $0.195

= $4928.625

Se the amount of Excise tax due for 25975 gallons of gasoline is $ 4928.625

what is Excise tax?

Excise tax is generally a tax levied on the sale of a particular good or service or for a particular purpose. State excise taxes are usually levied on the sale of gasoline, air tickets, heavy trucks, road tractors, tanning beds, tires, cigarettes, and other goods and services.

Excise can be used to charge prices for externalities or to discourage the consumption of goods by others. They can also be used as royalties to generate income from people who use certain government services. Income should be used to maintain those government services.

Learn more about excise tax here:https://brainly.com/question/2871942

#SPJ2

We are happy to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. IDNLearn.com has the answers you need. Thank you for visiting, and we look forward to helping you again soon.