Sales Tax

Front

What is sales tax?

Back

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

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 formula to calculate total cost with sales tax?

Back

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

Front

If an item costs $50 and the sales tax is 5%, what is the total cost?

Back

Total Cost = $50 + ($50 x 0.05) = $52.50.

Front

What is the sales tax on a $200 item with a tax rate of 8%?

Back

Sales Tax = $200 x 0.08 = $16.

Front

How do you calculate the sales tax amount?

Back

Sales Tax Amount = Price x Sales Tax Rate.

Front

If a product costs $30 and the sales tax is 6%, what is the total cost?

Back

Total Cost = $30 + ($30 x 0.06) = $31.80.

Front

What is a discount?

Back

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

Front

If a $100 item has a 10% discount, what is the sale price?

Back

Sale Price = $100 - ($100 x 0.10) = $90.

Front

What is the total cost of an item after applying a discount and sales tax?

Back

Total Cost = (Original Price - Discount) + Sales Tax on the discounted price.