55. A passenger paid \( 50 \% \) customs duty on accompanied baggage items. He paid another \( 20 \% \) sales tax on the total value of the items plus the custom duty paid. The total custom duty and sales tax is Tk. 350. What is the value of the item before custom duty and sales tax?
Added by Darnell C.
Close
Step 1
Step 1: Let the value of the item before customs duty and sales tax be \( x \). Show more…
Show all steps
Your feedback will help us improve your experience
David Mccaslin and 97 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Anna D.
Rashid purchased a car with a market price of Rs 2,25,000 at a discount of 5%. If tax is charged at the rate of 12%, find the amount paid for the purchased car.
Jerelyn N.
Mr. Mahfuz is a service holder. He received a basic salary of Tk. 22,500 in the month of July 2016 following the salary structure of 18,000 - 1,500 x 4 = 24,000. The date of the annual increment is 16 November. Besides the basic salary, he received: Medical Allowance Tk. 1,500 per month; Conveyance Allowance Tk. 2,500 per month; Entertainment Allowance Tk. 500 per month; Performance bonus Tk. 80,000; Mobile bill allowance Tk. 2,000 per month; and Overtime allowance 25,000. He has been provided free furnished accommodation for which the company paid rent of Tk. 5,500 per month. He received two festival bonuses (one in October and another in December) each equal to one month's basic salary. He contributed 10% of the basic salary to the Recognized Provident Fund (RPF) like his employer. He received interest @ 16% Tk. 12,800 on the accumulated balance of RPF. During the year, he incurred and made the following expenses and investments: Life insurance premium paid: Own (policy value Tk. 500,000) Tk. 60,000 and Spouse (policy value Tk. 300,000) Tk. 25,000; Family expenses Tk. 85,000; Contribution to the approved superannuation fund Tk. 48,000; Purchase of shares: Initial public offerings Tk. 40,000; Unlisted company Tk. 30,000; Listed company Tk. 22,000; Donated to: Prime Minister's Relief Fund Tk. 15,000; Religious institution Tk. 10,000; Zakat fund Tk. 30,000; Dhanmondi Sports club Tk. 8,000; Deposited to Pension Scheme per month Tk. 6,000; Purchase of books Tk. 12,000; Purchase of land Tk. 80,000 and Purchase of motor vehicles Tk. 250,000. Requirements: Calculate taxable income and net tax liability for the assessment year 2017-18.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD