A company paid $225,000 in sales tax to the government from its auction sales last year, but later found out it over paid 25%. How much money should the company claim back from the government?

QUESTION POSTED AT 29/05/2020 - 12:33 AM

Answered by admin AT 29/05/2020 - 12:33 AM

Given that the company paid a tax of $225,000 to the government and they found that they had overpaid by 25%, the amount that the company should claim from the government is:
(% overpayment)/(100%)*(amount paid)
=25/100*225000
=$56,250
Therefore the amount of company the company is claiming from the government is $56,250
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