Calculating 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 sales tax?

Back

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

Front

If a product costs $100 and the sales tax rate is 5%, what is the sales tax amount?

Back

$5

Front

What is the formula to find the total amount paid including sales tax?

Back

Total Amount = Sale Price + (Sale Price × Sales Tax Rate) or Total Amount = Sale Price × (1 + Sales Tax Rate).

Front

If a camera is sold for $750 with an 8% sales tax, what is the total amount paid?

Back

$810

Front

What is the sales tax amount on a $1,200 television with a 7.5% sales tax rate?

Back

$90

Front

If a shirt costs $20 and the sales tax is 15%, what is the final price?

Back

$23

Front

How much is the total for a $10.00 box of candy with a 5% sales tax?

Back

$10.50

Front

What is the total purchase price of a $300 tablet with a 6.5% sales tax?

Back

$319.50

Front

What does it mean if a sales tax rate is expressed as a percentage?

Back

It means that the tax is calculated as a fraction of the sale price, where the percentage indicates how much of the sale price is added as tax.