Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on...
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Transcript of Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on...
![Page 1: Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income tax – A tax that is.](https://reader036.fdocuments.in/reader036/viewer/2022082611/56649e1f5503460f94b0aae2/html5/thumbnails/1.jpg)
Sales and Income Tax
![Page 2: Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income tax – A tax that is.](https://reader036.fdocuments.in/reader036/viewer/2022082611/56649e1f5503460f94b0aae2/html5/thumbnails/2.jpg)
• Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost.
• Income tax – A tax that is paid to the government based on a percentage of wages earned.
![Page 3: Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income tax – A tax that is.](https://reader036.fdocuments.in/reader036/viewer/2022082611/56649e1f5503460f94b0aae2/html5/thumbnails/3.jpg)
Find the total cost of a laptop that cost $659 with a sales tax of 6.25%.
EX1)
$659 X 6.25%. 659 X .0625
329513180
395400411875.
659 + 41.19 659.00 + 41.19 700.19
sales tax
$ Total cost
![Page 4: Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income tax – A tax that is.](https://reader036.fdocuments.in/reader036/viewer/2022082611/56649e1f5503460f94b0aae2/html5/thumbnails/4.jpg)
Figure the net pay for the following pay stub. Mary makes $12.00 an hour and works a 40 hour week. Use the percentage rates provided for each.
EX2)
Mary Ann MarshallGross pay
Medicare (1.4%)
Social Security (4.2%)Federal Withholding (15%)Net Pay
40 X 12480 X 0.014
480.006.72
480 X 0.04220.16
480 X 0.1572.00
480 - taxes381.12