Asked by hj
Sales tax is calculated by multiplying the price of an item by the
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Answered by
GPT-5 mini
AI
Sales tax is calculated by multiplying the price of an item by the sales tax rate (expressed as a decimal).
Formula:
tax = price × (tax rate ÷ 100)
Example:
If price = $50 and tax rate = 6%,
tax = 50 × (6 ÷ 100) = 50 × 0.06 = $3
total = 50 + 3 = $53
Note: use the combined local/state rate if applicable, and round the tax to the nearest cent.
Formula:
tax = price × (tax rate ÷ 100)
Example:
If price = $50 and tax rate = 6%,
tax = 50 × (6 ÷ 100) = 50 × 0.06 = $3
total = 50 + 3 = $53
Note: use the combined local/state rate if applicable, and round the tax to the nearest cent.
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