TAXES
In general, a monetary
tax is an amount of money required to be paid by a person or business to a government.
Sales tax is a tax on goods and services. Sales tax is typically a percentage of the amount spent on a purchase.
Income tax is a tax on one's earnings. Income tax is typically a percentage of one's income.
First, find 8.5% of the amount Skyler spent to find the amount of sales tax.
| 8.5% of $51.50 | = | 0.085 × $51.50 |
| ≈ | $4.38 |
Then, add the sales tax to the amount Skyler spent.
$51.50 + $4.38 = $55.88
So, Skyler spent $55.88 total.
Stores and manufacturers often use incentives to encourage customers to buy their products. These include coupons, rebates, and sales.
A person can save the most money by using incentives to receive the greatest discount.
7th Grade Math - Personal Financial Literacy Lesson