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Calculating Sales and Income Tax

Calculating Sales and Income Tax. How do you calculate sales tax and income tax?. 13.1. ADDITIONAL EXAMPLE 1. The sales tax rate is 6.25%. Complete the table to find the total cost of the purchase, including tax. ADDITIONAL EXAMPLE 2.

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Calculating Sales and Income Tax

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  1. Calculating Sales and Income Tax How do you calculate sales tax and income tax? 13.1

  2. ADDITIONAL EXAMPLE 1 The sales tax rate is 6.25%. Complete the table to find the total cost of the purchase, including tax.

  3. ADDITIONAL EXAMPLE 2 Novak’s monthly gross pay is $9,075. Federal withholding is 17.95%. His deductions for Social Security and for Medicare are $381.15 and $131.59. What is Novak’s net pay? $6,933.30

  4. ADDITIONAL EXAMPLE 3 After deductions, Thea has a taxable income of $31,286. She paid a total of $4,185 in federal withholding. Find the tax due on Thea’s income. Will she have to pay an additional amount or will she get a refund? $4,266; she has to pay an additional $81.

  5. 13.1 LESSON QUIZ 7.13.A The table shows items a soccer coach bought. The sales tax rate is 7%. Find the total cost for each item. 1. Soccer balls: $192.54; Portable nets: $331.25; Speed rings: $37.97

  6. The table shows items a soccer coach bought. The sales tax rate is 7%. Find the total amount the coach spent on all the items. 2. $561.76

  7. Allie’s monthly gross pay is $8,100. Federal withholding is 16.74% of her gross pay. The Social Security deduction is 4.2% and the Medicare deduction is 1.45% of her gross pay. 3. Find each of the deductions. Federal withholding: $1,355.94; Social Security: $340.20; Medicare: $117.45 4. Find Allie’s net pay. $6,286.41

  8. 5. After deductions, Ray has a taxable income of $32,747. He paid a total of $4,595 in federal withholding. Find the tax due on Ray’s income. Will he have to pay an additional amount, or will he get a refund? $4,484; he will get a refund of $111.

  9. How do you calculate sales tax and income tax? Sample answer: Multiply the amount to be taxed by the tax rate.

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