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Sales Tax and Total Cost

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  • 1. Sales Tax and Total CostDefinitions:1) Sales tax - tax on the sale of an item orservice (always a percentage) that is added tothe price.2) Total cost – the amount of your purchaseplus the sales tax rounded to the nearestcent.
  • 2. TaxesFormulas: Sales Tax ($) % = Original($) 100Total Cost = Price + Sales Tax
  • 3. Ex. 1: Find the sales tax and the total cost tothe nearest cent. Let’s use the sales taxA) Price: $20.00 proportion to solve this problem. Tax Rate: 4%Sales Tax ($) % = Original($) 100
  • 4. Find the sales tax and the total costto the nearest cent.B) Price: $26.98 There is another way to find the percent of a Tax Rate: 5% number. Do you know what it is? We are trying to find 5% of $26.98, right?To find the percent of a number, you change the percent (5%)into a decimal (0.05) and multiply it times the other number (26.98)!
  • 5. B) Price: $26.98 Tax Rate: 5%Let’s try it!
  • 6. EKS. tax %3(A) 1. =1(B) original 100AKS – 1 & 2BJ – TSW 2. Final Cost = Original Cost + Tax Use percents calculate xes, tips, 1. Original Sales Tax Tax-Round to mmission, Cost Rate the nearest Totalnd total cost. hundredthocabulary:eview Original Cost Cost($) Tax Final Cost Percent $10.00 8% Tip Commission Engage -
  • 7. tax % 2. Original Cost $87.25 =original 100 Sales Tax Rate 7%Final Tax-Round to theCost nearest hundredth =OriginalCost +Tax≈approximately Total Cost($)
  • 8. tax % 3. Original Cost $10.00 =original 100 Sales Tax Rate 7.25%Final Tax-Round to theCost nearest hundredth =OriginalCost +Tax≈approximately Total Cost($)
  • 9. tax % 4. Original Cost $25.00 =original 100 Sales Tax Rate 8.25%Final Tax-Round to the t 8.25Cost = nearest hundredth 25 100 = 0 0%Original = 25 x 8.25 Part t 8.25%Cost + 50%Tax t = 206.25 100 Whole25 100% t = 2.0625≈approximately t ≈ 2.06 Total Cost($) 25.00 + 2.06 $27.06
  • 10. tax % 5. Original Cost $59.95 =original 100 Sales Tax Rate 8.5%Final Tax-Round to the t 8.5Cost = nearest hundredth 59.95 100 = 0 0%Original = 59.95 x 8.5 Part t 8.5%Cost + 50%Tax t = 509.575 100 59.95 100%≈ Whole t = 5.09575approximately t ≈ 5.10 Total Cost($) 59.95 + 5.10 $65.05 #5
  • 11. tax % 6. Original Cost $115.05 =original 100 Sales Tax Rate 8.75%Final Tax-Round to the t 8.75Cost nearest hundredth 115.05 = 100 =Original = 115.05 x 8.75Cost +Tax t = 1006.6875 100≈ t = 10.066875approximately t ≈ 10.07 Total Cost($) 115.05 + 10.07 $125.12 #6
  • 12. tax % 7. Original Cost $250.00 =original 100 Sales Tax Rate 8.25%Final Tax-Round to the t 8.25Cost = nearest hundredth 250 100 =Original = 250 x 8.25Cost +Tax t = 2062.5 100≈ t = 20.625approximately t ≈ 20.63 Total Cost($) 250.00 + 20.63 $270.63 #7
  • 13. tax % 8. Original Cost $475.25 =original 100 Sales Tax Rate 7.5%Final Tax-Round to the t 7.5Cost = nearest hundredth 475.25 100 = 475.25 x 7.5Original =Cost +Tax t = 3564.375 100≈ t = 35.64375approximately t ≈ 35.64 Total Cost($) 475.25 + 35.64 $510.89 #8
  • 14. tax % 8. Original Cost $1,050.00 =original 100 Sales Tax Rate 7.5%Final Tax-Round to the t 7.5Cost = nearest hundredth 1050 100 =Original = 1050 x 7.5Cost +Tax t = 7875 100 t = 78.75 Total Cost($) 1050.00 + 78.75 $1128.75 #9
  • 15. tax % 9. Original Cost $10,500.00 =original 100 Sales Tax Rate 8.25%Final Tax-Round to the t 8.25Cost = nearest hundredth 10500 100 = 10500 x 8.25Original =Cost +Tax t = 86625 100 t = 866.25 Total Cost($) 10500.00 + 866.25 $11366.25 #10
  • 16. tax % 11. Original Cost $37.00 =original 100 Sales Tax Rate 8.25%Final #11. Tax-Round to t 8.25Cost = the nearest 37 100 = hundredth 37 x 8.25Original =Cost +Tax t = 305.25 100≈ t = 3.0525approximately t ≈ 3.05 #12. Total Cost($) 37.00 + 3.05 40.05

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