sales tax and total cost
TRANSCRIPT
Sales Tax and Total CostDefinitions:
1) Sales tax - tax on the sale of an item or service (always a percentage) that is added to the price.
2) Total cost – the amount of your purchase plus the sales tax rounded to the nearest cent.
Taxes
Formulas:
100%
($)Original($)TaxSales
Total Cost = Price + Sales Tax
Ex. 1: Find the sales tax and the total cost to the nearest cent.
A) Price: $20.00
Tax Rate: 4%
Let’s use the sales tax proportion to solve this
problem.
100%
($)Original($)TaxSales
Find the sales tax and the total cost to the nearest cent.
B) Price: $26.98
Tax Rate: 5%
There is another way to find the percent of a 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)!
B) Price: $26.98 Tax Rate: 5%
Let’s try it!
TEKS.7.3(A)7.1(B)TAKS – 1 & 2
OBJ – TSW1. Use percentsto calculate taxes, tips,commission,and total cost.
tax
original%
1001.
2. Final Cost = Original Cost + Tax
Engage -
Vocabulary:Review1. Original Cost2. Tax3. Final Cost4. Percent5. Tip6. Commission
1. Original Cost
Sales Tax Rate
Tax-Round to the nearest hundredth
Total Cost($)
$10.00 8%
tax
original%
100
Final Cost = OriginalCost + Tax
2. Original Cost $87.25
Sales Tax Rate 7%
Tax-Round to the nearest hundredth
Total Cost($)
≈ approximately
tax
original%
100
Final Cost = OriginalCost + Tax
3. Original Cost $10.00
Sales Tax Rate 7.25%
Tax-Round to the nearest hundredth
Total Cost($)
≈ approximately
tax
original%
100
Final Cost = OriginalCost + Tax
4. Original Cost $25.00
Sales Tax Rate 8.25%
Tax-Round to the nearest hundredth
Total Cost($)
t 25
8.25 100
=
25 x 8.25
t
206.25 100
=
= t = 2.0625
t ≈ 2.06
≈ approximately
25.00 + 2.06 $27.06
0 0%
25 100%
t 8.25%Part
Whole
50%
tax
original%
100
Final Cost = OriginalCost + Tax
5. Original Cost $59.95
Sales Tax Rate 8.5%
Tax-Round to the nearest hundredth
Total Cost($)
t59.95
8.5 100
=
59.95 x 8.5
t
509.575 100
=
= t = 5.09575
t ≈ 5.10
≈ approximately
59.95 + 5.10 $65.05
#5
0 0%
59.95 100%
t 8.5%Part
Whole
50%
tax
original%
100
Final Cost = OriginalCost + Tax
6. Original Cost $115.05
Sales Tax Rate 8.75%
Tax-Round to the nearest hundredth
Total Cost($)
t115.05
8.75 100
=
115.05 x 8.75
t
1006.6875 100
=
= t = 10.066875
t ≈ 10.07
≈ approximately
115.05 + 10.07 $125.12
#6
tax
original%
100
Final Cost = OriginalCost + Tax
7. Original Cost $250.00
Sales Tax Rate 8.25%
Tax-Round to the nearest hundredth
Total Cost($)
t 250
8.25 100
=
250 x 8.25
t
2062.5 100
=
= t = 20.625
t ≈ 20.63
≈ approximately
250.00 + 20.63 $270.63
#7
tax
original%
100
Final Cost = OriginalCost + Tax
8. Original Cost $475.25
Sales Tax Rate 7.5%
Tax-Round to the nearest hundredth
Total Cost($)
t475.25
7.5 100
= 475.25 x 7.5
t
3564.375 100
=
= t = 35.64375
t ≈ 35.64
≈ approximately
475.25 + 35.64 $510.89
#8
tax
original%
100
Final Cost = OriginalCost + Tax
8. Original Cost $1,050.00
Sales Tax Rate 7.5%
Tax-Round to the nearest hundredth
Total Cost($)
t1050
7.5 100
=
1050 x 7.5
t
7875 100
=
= t = 78.75
1050.00 + 78.75 $1128.75
#9
tax
original%
100
Final Cost = OriginalCost + Tax
9. Original Cost $10,500.00
Sales Tax Rate 8.25%
Tax-Round to the nearest hundredth
Total Cost($)
t10500
8.25 100
= 10500 x 8.25
t
86625 100
=
= t = 866.25
10500.00 + 866.25 $11366.25
#10
tax
original%
100
Final Cost = OriginalCost + Tax
11. Original Cost $37.00
Sales Tax Rate 8.25%
Tax-Round to the nearest hundredth
Total Cost($)
t 37
8.25 100
= 37 x 8.25
t
305.25 100
=
= t = 3.0525
t ≈ 3.05
≈ approximately
37.00 + 3.05 40.05
#11.
#12.