Midtown Antiques collects 4% sales tax on all sales. If total sales including tax are $1058.30, find the portion that is the tax. Round your answer to the nearest cent.
A)$40.70
B)$42.33
C)$1017.60
D)$30.70
E) none of the above
2 answers
4% of 1058.3 = B)
Vanessa's answer is incorrect.
The $1058.30 includes the 4% tax so it is really 1.04 of the the cost.
Cost = 1058.30/1.04 = 1017.60
So the sales were $1017.60 and the tax was $40.70
Check: tax on $1017.60 = .04(1017.60) = $40.70
for a total of $1017.60 + $40.70 = $1058.30
The $1058.30 includes the 4% tax so it is really 1.04 of the the cost.
Cost = 1058.30/1.04 = 1017.60
So the sales were $1017.60 and the tax was $40.70
Check: tax on $1017.60 = .04(1017.60) = $40.70
for a total of $1017.60 + $40.70 = $1058.30
2 answers