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Basic Math Skills

Basic Math Skills. Lesson 10: Sales Tax p. 150-151. Definitions. Sales tax: money paid as tax when you buy an item Tax rate: the percent charged as tax. Sales Tax.

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Basic Math Skills

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  1. Basic Math Skills Lesson 10: Sales Tax p. 150-151

  2. Definitions • Sales tax: money paid as tax when you buy an item • Tax rate: the percent charged as tax

  3. Sales Tax • Most states charge a sales tax on items a consumer buys. The consumer pays this tax. The tax rate is a percent of the price to be added to the price. With sales tax, you round any part of a cent up instead of to the nearest cent.

  4. Example • A poster costs $10.90. Tax rate 5%. Tax: $10.90 x .05 = $0.545 rounded up to $0.55 Price with tax: $10.90 + $0.55 = $11.45

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