Sales Tax and Income Tax
Flashcard
•
Mathematics
•
11th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
Student preview
15 questions
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1.
FLASHCARD QUESTION
Front
What is earned income?
Back
Earned income refers to money received for work performed, including wages, salaries, and tips.
2.
FLASHCARD QUESTION
Front
How do you calculate the final price of an item with sales tax?
Back
To calculate the final price, multiply the original price by the sales tax rate, then add that amount to the original price.
3.
FLASHCARD QUESTION
Front
What is the sales tax rate in the example of a $990 T.V purchase?
Back
The sales tax rate is 9%.
4.
FLASHCARD QUESTION
Front
If a raincoat costs $39.99 and has a sales tax rate of 7%, what is the final price?
Back
The final price is $42.79.
5.
FLASHCARD QUESTION
Front
What is the total cost of a $72 battery with a 7.5% sales tax?
Back
The total cost is $77.40.
6.
FLASHCARD QUESTION
Front
What does it mean when sales tax is added to the price?
Back
It means that the sales tax is calculated as a percentage of the original price and is added to the total cost.
7.
FLASHCARD QUESTION
Front
What is disposable income?
Back
Disposable income is the amount of money that households have available for spending and saving after income taxes have been deducted.
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