Sales Tax and Tips

Sales Tax, Tips, and Markups

by: Ms. Johnson-Owens

What are sale taxes , tips, markups?

Sales Tax: An additional amount of money charged on items people buy.

Tips: Small amount of money in return for a service.

Markup: Stores sell items for more than it pays for those items for profit. This amount increase is called a markup.

Multiple Choice

Small amount of money in return for a service.

• Markup

• Tip

• Sales Tax

Multiple Choice

Stores sell items for more than it pays for those items for profit.

• Tip

• Sales Tax

• Markup

Multiple Choice

An additional amount of money charged on items people buy.

• Sales Tax

• Tip

• Markup

So...what are we learning?

We are learning how to find out our tax, tips , and markups on prices.

Formula

Part = Percent X Whole

Subject | Subject

Some text here about the topic of discussion

Subject | Subject

Some text here about the topic of discussion

Formula

Part = Percent X Whole

Part: Tax, Tips, Markups

Percent: Turn into a decimal by dividing by 100

Whole: Price

Andrew wants to by a gift that costs $140 and the sales tax is 5.75%. What is the total cost of the equipment?

Step 1. Find the sales tax.

• Sales Tax is 5.75%

• Turn 5.75% into a decimal; 5.75 ÷ 100= 0.0575

Step 2. Multiply decimal by price. Price : $140

• 0.0575 X 140 = 8.05

Step 3. Add the result to the original price to find total cost!

• 8.05 + 140 = $148.05

A customer wants to tip 15% on a resturant bill that is $35. What will the total bill cost with tip?

Step 1. Find the tip.

• tip is 15%

• Turn 15% into a decimal; 15 ÷ 100= 0.15

Step 2. Multiply decimal by price. Price : $35

• 0.15 X 35 = 5.25

Step 3. Add the result to the original price to find total bill cost!

• 5.25 + 35 = $40.25

Multiple Choice

A backpack cost $99. There is a 5% sales tax included. What is the total cost?

• $103.95

• $105

• $99.05

• $110

A backpack cost $99. There is a 5% sales tax included. What is the total cost?

Step 1. Find the sales tax.

• tax is 5%

• Turn 5% into a decimal; 5 ÷ 100= 0.05

Step 2. Multiply decimal by price. Price : $99

• 0.05 X 99 = 4.95

Step 3. Add the result to the original price to find total cost!

• 4.95 + 99 = $103.95

Multiple Choice

A phonecase cost $13. There is a 15% markup on Amazon. What is the total cost with the markup?

• $28.60

• $16

• $14.95

• $20

A phonecase cost $13. There is a 15% markup on Amazon. What is the total cost with the markup?

Step 1. Find the markup.

• markup is 15%

• Turn 15% into a decimal; 15 ÷ 100= 0.15

Step 2. Multiply decimal by price. Price : $13

• 0.15 X 13 = 1.95

Step 3. Add the result to the original price to find total cost!

• 1.95 + 13= $14.95

Multiple Select

How well are you understanding the new topic?

• I could do this in my sleep!

• I need a little more practice and exposure with it!

• I am not understanding this at all!