Calculating Taxes on Purchases Math 8 Ms. Stewart Outcome: B3 Create and solve problems which involve finding a, b, or c in the relationship a% of b =

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Presentation transcript:

Calculating Taxes on Purchases Math 8 Ms. Stewart Outcome: B3 Create and solve problems which involve finding a, b, or c in the relationship a% of b = c, using estimation and calculation COPY BLUE TEXT

Harmonized Tax  In Nova Scotia, you must pay HST (Harmonized Sales Tax) on some purchases. The HST is 15% of the purchase price.  What does it mean to have a Harmonized Sales Tax? We pay a portion of the tax to the provincial government and a portion to the federal government.

Why are these taxes collected from consumers?  To pay for services provided by our provincial and federal governments Health Care Infrastructure/ Roads Parks Schools/Education Police/Legal System Snow Removal

Method 1: Calculate the tax first, then add.  Amount of tax = 15% of original cost = 15 x = 0.15 x 25 = $3.75 The tax is $3.75  Final price = Original cost + Amount of tax = $  The final price is $28.75

Method 2: Multiply the original cost by a percent greater than 100.  Final price = 115% of original cost 115% = 1.15 (move the decimal 2 places to the left to convert) 1.15 X 25  The final price is $28.75 The final price is the 100% of the original price plus 15% of the original price for the tax, or 115% in total.

Assignment  From the flyers, choose 1 object and calculate the total cost of the item (including taxes) using Method 1  From the flyers, choose 1 object and calculate the total cost of the item (including taxes) using Method 2  From the flyers choose 3 objects and calculate the total cost of all the items using your choice of method (be sure to include a subtotal before calculating the tax)  SHOW ALL WORK AND CALCULATIONS!