Podcast
Questions and Answers
A store charges $7.35 sales tax for an item priced at $105. What is the sales tax rate?
A store charges $7.35 sales tax for an item priced at $105. What is the sales tax rate?
- 7.5%
- 8.0%
- 7.0% (correct)
- 6.5%
If a $210 item has a sales tax of $14.70, what is the sales tax rate?
If a $210 item has a sales tax of $14.70, what is the sales tax rate?
- 7% (correct)
- 9%
- 6%
- 8%
An item costs $300 before sales tax. If the sales tax rate is 6.25%, how much sales tax will be charged?
An item costs $300 before sales tax. If the sales tax rate is 6.25%, how much sales tax will be charged?
- $19.25
- $16.75
- $17.25
- $18.75 (correct)
A sales tax rate is 8.2%. How much tax will you pay on a $125 purchase?
A sales tax rate is 8.2%. How much tax will you pay on a $125 purchase?
A receipt shows a sales tax of $9.60 on a $120 purchase. Determine the sales tax rate.
A receipt shows a sales tax of $9.60 on a $120 purchase. Determine the sales tax rate.
After a 6% sales tax, the total cost of an item comes out to be $53. What was the original price of the item before tax?
After a 6% sales tax, the total cost of an item comes out to be $53. What was the original price of the item before tax?
You paid $32 in sales tax for an item with an 8% tax rate. How much did the item cost before tax?
You paid $32 in sales tax for an item with an 8% tax rate. How much did the item cost before tax?
An online retailer charges $5.40 sales tax for an item. If your local sales tax rate is 4.5%, what was the listed price of the item before tax?
An online retailer charges $5.40 sales tax for an item. If your local sales tax rate is 4.5%, what was the listed price of the item before tax?
The total cost of a purchase, including a 5.5% sales tax, was $84. How much was the item before tax?
The total cost of a purchase, including a 5.5% sales tax, was $84. How much was the item before tax?
If the sales tax rate is 6.75% and you pay $6.75 in tax, what was the original price of the item, rounded to the nearest dollar?
If the sales tax rate is 6.75% and you pay $6.75 in tax, what was the original price of the item, rounded to the nearest dollar?
Flashcards
Sales Tax Rate
Sales Tax Rate
The sales tax rate is the percentage of the sale price that is added as tax. It is calculated by dividing the sales tax amount by the original price.
Calculating Sales Tax Rate
Calculating Sales Tax Rate
To find the sales tax rate, divide the sales tax by the original price. In this case, divide $7.15 by $105.
Sales Tax Rate (Camera Example)
Sales Tax Rate (Camera Example)
The sales tax rate for the digital camera is approximately 6.8%. ($7.15 / $105 = 0.068095... which is approximately 6.8%)
Study Notes
- The sales tax rate is the percentage of the purchase price that is charged as sales tax.
- The sales tax amount is calculated by multiplying the purchase price by the sales tax rate.
- sales tax = purchase price * sales tax rate
- The problem provides the purchase price of a digital camera ($105) and the sales tax amount ($7.15).
- The variable to calculate is 'sales tax rate'.
- The formula can be rearranged to solve for the sales tax rate.
- sales tax rate = sales tax / purchase price
- Input the given values into the formula.
- sales tax rate = $7.15 / $105
- sales tax rate = 0.06809523809
- Convert the sales tax to a percentage by multiplying by 100.
- sales tax rate = 0.06809523809 * 100
- sales tax rate = 6.809523809
- Rounding the sales tax rate will provide a reasonable estimate.
- sales tax rate ≈ 6.81%
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