Calculating Sales Tax

Front

What is sales tax?

Back

Sales tax is a percentage of the purchase price added to the cost of goods and services, collected by the seller and paid to the government.

Front

How do you calculate the total price including sales tax?

Back

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

Front

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

Back

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

Front

What is the formula to find the sales tax amount?

Back

Sales Tax Amount = Original Price x Sales Tax Rate.

Front

If a T.V. costs $990 with a 9% sales tax, how much is the sales tax?

Back

Sales Tax = $990 x 0.09 = $89.10.

Front

What is the final price of an item that costs $990 with a 9% sales tax?

Back

Final Price = $990 + $89.10 = $1,079.10.

Front

How do discounts affect the final price of an item?

Back

Discounts reduce the original price before calculating sales tax, leading to a lower final price.

Front

If a house costs $300,000 and is discounted by 20%, what is the new price?

Back

New Price = $300,000 - ($300,000 x 0.20) = $240,000.

Front

What is the final price of an iPad that costs $850 with an 11% sales tax?

Back

Final Price = $850 + ($850 x 0.11) = $943.50.

Front

If jeans cost $89 with an 11% sales tax, what is the total amount paid?

Back

Total Amount = $89 + ($89 x 0.11) = $98.79.