calculating 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 total cost including sales tax?

Back

To calculate the total cost including sales tax, multiply the original price by the sales tax rate (as a decimal) and add that amount to the original price.

Front

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

Back

Total cost = $100 + ($100 * 0.05) = $105.

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, usually calculated as a percentage of the total bill.

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage (as a decimal).

Front

If a restaurant bill is $50 and you want to leave a 15% tip, how much is the tip?

Back

Tip = $50 * 0.15 = $7.50.

Front

What does 'discount' mean?

Back

A discount is a reduction in the price of a product or service.

Front

How do you calculate the final price after a discount?

Back

To calculate the final price after a discount, subtract the discount amount from the original price.

Front

If a product costs $200 and has a 20% discount, what is the final price?

Back

Final price = $200 - ($200 * 0.20) = $160.

Front

What is the formula for calculating the final price after tax?

Back

Final price = Original price + (Original price * Sales tax rate).