PSL December 9, 2024

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 sales tax?

Back

To calculate sales tax, multiply the price of the item by the sales tax rate (as a decimal). For example, for a $28.75 item with a 7% sales tax, the calculation is $28.75 x 0.07.

Front

What is the sales tax amount for an item priced at $28.75 with a 7% sales tax?

Back

$2.01

Front

If an item costs $50 and the sales tax is 8%, what is the total cost including tax?

Back

Total cost = Item price + Sales tax = $50 + ($50 x 0.08) = $54.

Front

What does it mean to round to the nearest cent?

Back

Rounding to the nearest cent means adjusting a monetary amount to the closest hundredth of a dollar.

Front

If the sales tax on a $100 item is 6%, how much is the sales tax?

Back

Sales tax = $100 x 0.06 = $6.

Front

What is the formula for calculating the total cost of an item including sales tax?

Back

Total cost = Item price + (Item price x Sales tax rate).

Front

What is a percentage?

Back

A percentage is a way of expressing a number as a fraction of 100. It is often used to describe sales tax rates.

Front

How do you convert a percentage to a decimal?

Back

To convert a percentage to a decimal, divide the percentage by 100. For example, 7% becomes 0.07.

Front

What is the sales tax amount for an item priced at $15.00 with a 5% sales tax?

Back

Sales tax = $15.00 x 0.05 = $0.75.