No, the retailer collects a total of $130 from the customer. The retailer keeps $100 and sends $30 to the taxing authority.
What happened to 23%?
The 23% is the after tax percentage. 23% of the $130 is roughly the $30 tax.
What did you say was your major in school again?
An electrical engineer. Never got below an A in any math course including a year calculus and statistics. Can't say that for any of my other classes though. Thanks for your concern, but it is not me who is confused.
Right. I mean, how could you ever be confused? After all, you're 'Always Right'! Right? Even when you're wrong....