Sales Tax, Tips, Markups, & Discounts

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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.

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CCSS.6.RP.A.3C

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How do you calculate the total cost including sales tax?

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

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CCSS.6.RP.A.3D

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If a product costs $50 and the sales tax is 8%, what is the total cost?

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Total Cost = $50 + ($50 x 0.08) = $54.

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CCSS.6.RP.A.3C

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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.

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CCSS.6.RP.A.3C

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How do you calculate a tip based on a meal cost?

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Tip = Meal Cost x Tip Percentage.

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CCSS.6.RP.A.3C

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If a meal costs $30 and you want to leave a 15% tip, how much is the tip?

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Tip = $30 x 0.15 = $4.50.

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CCSS.6.RP.A.3C

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What is a discount?

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A discount is a reduction in the price of a product or service, often expressed as a percentage.

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CCSS.6.RP.A.3C

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How do you calculate the sale price after a discount?

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Sale Price = Original Price - (Original Price x Discount Rate).

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CCSS.6.RP.A.3C

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If a shirt costs $40 and has a 20% discount, what is the sale price?

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Sale Price = $40 - ($40 x 0.20) = $32.

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CCSS.6.RP.A.3C

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What is a markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit.

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CCSS.6.RP.A.3B