The regular price for a dishwasher is 499. Best Buy is having a sale for 22.5% off all dishwashers. You also have a coupon which can be used for $20 off any purchase over $200 or $50 off any purchase over $400. Sales tax is 8.2%. Determine the total amount paid for the dishwasher, including any discounts and taxes paid. Total Paid

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Q: What is the total finance charge?

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A:

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A: Total sales = No. of surfboards sold x sales price = 351 x $303 = $106,353

Q: The company offers a 6% discount if paid in cash. How much is savedby paying cash?

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A:

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.