lesson how do you calculate sales tax and income tax? calculating sales and income tax 13.1
TRANSCRIPT
ADDITIONAL EXAMPLE 1
The sales tax rate is 6.25%. Complete the table to find the total cost of the purchase, including tax.
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
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.
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
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
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
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.