Sales Tax

Front

What is sales tax?

Back

Sales tax is a percentage of the price of a product or service that is added to the total cost, 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 price of the item by the sales tax rate (as a decimal), then add that amount to the original price.

Front

If an item costs $10.00 and the sales tax is 5%, what is the total cost?

Back

$10.50

Front

What is the formula to find the amount of sales tax?

Back

Sales Tax Amount = Price of Item x Sales Tax Rate.

Front

If a product costs $50.00 and has a sales tax of 8%, how much is the sales tax?

Back

$4.00

Front

What is the total cost of a $2.75 item with a 5% sales tax?

Back

$2.89

Front

What is income tax?

Back

Income tax is a tax imposed on individuals or entities based on their income or profits.

Front

How do you calculate income tax?

Back

Income Tax = Income x Tax Rate.

Front

If Noah earns $92,000 and pays 22% in income tax, how much tax does he pay?

Back

$20,240

Front

If Peter earns $112,000 and pays 25% in income tax, how much tax does he pay?

Back

$28,000