Tax, tip, and Markup Notes and examples.

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Presentation transcript:

Tax, tip, and Markup Notes and examples

What is sales tax? * a state government tax charged for certain goods and services. * It is normally a percentage. It is added to the purchase price or retail price of the item or service.

How do I calculate tax? EXAMPLE: Georgia’s sales tax is 7%. (7% = 0.07) *HINT : For every $1 – $0.07 is added. You can find the total price by multiplying your purchase price by 1.07 (or the equivalent for local sales tax)

A book is $10. There is 7% sales tax on the book. What is the total? 10.00 x 1.07. The book cost ______________.

What is tip? * a percent earned by a person providing service EX: waitress, deliveries

How do I calculate tip? You calculate tip by finding the % of a number. EX: Your food bill at Chilies was $23.50. You leave a 15% tip. What is the total cost of the meal?

What is a markup? What is retail price? * a percent or amount of increase a retail store charges to earn a profit. WHAT IS RETAIL PRICE? * The price at which a store sells items to customers. Retail price = wholesale price + markup

How do I find retail price? Example: wholesale price = $50 percent markup = 30% Markup = .30 x $50 = $15 Retail price = $50 + $15 = $65 The retail price is $65.