lesson how do you calculate sales tax and income tax? calculating sales and income tax 13.1

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

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Page 1: LESSON How do you calculate sales tax and income tax? Calculating Sales and Income Tax 13.1

LESSON

How do you calculate sales tax and income tax?

Calculating Sales and Income Tax13.1

Page 2: LESSON How do you calculate sales tax and income tax? Calculating Sales 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.

Page 3: LESSON How do you calculate sales tax and income tax? Calculating Sales and Income Tax 13.1

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

Page 4: LESSON How do you calculate sales tax and income tax? Calculating Sales and Income Tax 13.1

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.

Page 5: LESSON How do you calculate sales tax and income tax? Calculating Sales and Income Tax 13.1

13.1 LESSON QUIZ7.13.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

Page 6: LESSON How do you calculate sales tax and income tax? Calculating Sales and Income Tax 13.1

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

Page 7: LESSON How do you calculate sales tax and income tax? Calculating Sales and Income Tax 13.1

Find each of the deductions.3.

Federal withholding: $1,355.94; Social Security: $340.20; Medicare: $117.45

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.

Find Allie’s net pay.4. $6,286.41

Page 8: LESSON How do you calculate sales tax and income tax? Calculating Sales and Income Tax 13.1

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?

5.

$4,484; he will get a refund of $111.

Page 9: LESSON How do you calculate sales tax and income tax? Calculating Sales and Income Tax 13.1

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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