Tax liability is the sum of money that a person, company, or other entity owes to a federal, state, or municipal taxing body.
The required details for Tax liability in given paragraph
$38.34 was the sale price.
8% taxation
$ 2.84 was the tax included in the purchased products.
(38.34*8/108)
Consequently, the government must pay $2.84 in taxes.
Taxes are levied by a number of organizations, including the federal, state, and local governments, and the money collected is used to provide services including road maintenance, social program funding, and military support. Taxes on income, Social Security, and Medicare are deducted by employers and sent to the federal government. The total amount of taxes that a person, business, or other entity owes to the government is known as their tax liability.
Tax responsibilities include things like capital gains tax, income tax, and sales tax.
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