Sales Tax

Front

What is sales tax?

Back

Sales tax is a percentage of the sale price of goods and services that is collected by the seller and paid to the government.

Front

How do you calculate the sales tax on an item?

Back

To calculate the sales tax, multiply the item's price by the sales tax rate (as a decimal).

Front

What is the formula to find the total price of an item including sales tax?

Back

Total Price = Item Price + (Item Price x Sales Tax Rate).

Front

If an item costs $100 and the sales tax rate is 5%, what is the total price?

Back

Total Price = $100 + ($100 x 0.05) = $105.

Front

What is the sales tax rate?

Back

The sales tax rate is the percentage at which sales tax is applied to the sale price of goods and services.

Front

How do you convert a percentage to a decimal for calculations?

Back

To convert a percentage to a decimal, divide the percentage by 100.

Front

If a clock costs $53.26 and the sales tax is 14%, what is the total price?

Back

Total Price = $53.26 + ($53.26 x 0.14) = $60.61.

Front

What is the total price of an item on sale for $38.99 with a 4% sales tax?

Back

Total Price = $38.99 + ($38.99 x 0.04) = $40.59.

Front

How do you find the tax amount from the total price?

Back

Tax Amount = Total Price - Item Price.

Front

If a Samsung TV is priced at $75.99 with a 16% sales tax, what is the total price?

Back

Total Price = $75.99 + ($75.99 x 0.16) = $88.19.