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Tax, tip, and Markup

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?.

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Tax, tip, and Markup

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  1. Tax, tip, and Markup Notes and examples

  2. 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.

  3. 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)

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

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

  6. 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?

  7. 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

  8. 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.

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