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Homework out to check Warm-up Pink handout #6-10 Do the warm-up silently

Homework out to check Warm-up Pink handout #6-10 Do the warm-up silently. Learn to find commission, sales tax, and withholding tax. Vocabulary. commission commission rate sales tax withholding tax.

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Homework out to check Warm-up Pink handout #6-10 Do the warm-up silently

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  1. Homework out to check • Warm-up • Pink handout #6-10 • Do the warm-up silently

  2. Learn to find commission, sales tax, and withholding tax.

  3. Vocabulary commission commission rate sales tax withholding tax

  4. A commission is a fee paid to a person who makes a sale. It is usually a percent of the selling price. This percent is called the commission rate. commission ratesales = commission

  5. Sales tax is the tax on the sale of an item or service. It is a percent of the purchase price and is collected by the seller.

  6. A real-estate agent is paid a monthly salary of $900 plus commission. Last month he sold one condominium for $65,000, earning a 4% commission on the sale. How much was his commission? What was his total pay last month? First find his commission. 4%  $65,000 = ccommission rate sales = commission

  7. 0.04  65,000 = cChange the percent to a decimal. 2600 = cSolve for c. He earned a commission of $2600 on the sale. Now find his total pay for last month. $2600 + $900 = $3500 commission + salary = total pay His total pay for last month was $3500.

  8. CD: 2 at $16.99 $33.98 DVD: 1 at $36.29 $36.29 If the sales tax rate is 6.75%, how much tax would Adrian pay if he bought two CDs at $16.99 each and one DVD for $36.29? $70.27 Total Price 0.0675 70.27 = 4.743225 Convert tax rate to a decimal and multiply by the total price. Adrian would pay $4.74 in sales tax.

  9. A tax deducted from a person’s earnings as an advance payment of income tax is called withholding tax.

  10. 500 n = 2500 100 BJ earns $2500 monthly. Of that, $500 is withheld for income tax. What percent of BJ’s earnings are withheld for income tax? Think: What percent of $2500 is $500? Solve by proportion: n 2500 = 100 500 Find the cross products.

  11. 50000 n = 2500 2500n = 50,000 Divide both sides by 2500. n = 20 20% of BJ’s earnings are withheld for income tax.

  12. Lesson Quiz: Part 1 1. The lunch bill was $8, and you want to leave a 15% tip. How much should you tip? 2. The sales tax is 5.75%, and the shirt costs $20. What is the total cost of the shirt? 3. As of 2001, the minimum hourly wage was $5.15. Congress proposed to increase it to $6.15 per hour. To the nearest percent, what is the proposed percent increase in the minimum wage? $1.20 $21.15 19%

  13. Homework out • Warm-up • Finish pg. 69 in wkbk

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