How are sales tax and discounts figured? specifically socks @ $2.99 and 5.5% sales tax
To find the sales tax, multiply:
2.99 * 0.055 = ?
And to find the price of the socks, including tax, you can do 2.99 x 1.055
What is the answer for this question $2.99 socks;5.5% sales tax.
To figure out the total price of an item with sales tax and discounts, you need to follow a few steps.
Step 1: Calculate the discount (if applicable):
- If there is a discount percentage, multiply it by the original price of the item.
- For example, if there is a 10% discount on socks priced at $2.99, you would multiply $2.99 by 0.10 to get a discount of $0.299.
Step 2: Subtract the discount from the original price:
- Subtract the discount amount from the original price of the item.
- Taking the previous example, subtracting the discount of $0.299 from $2.99 would give you a new price of $2.691.
Step 3: Calculate the sales tax:
- Multiply the new price of the item by the sales tax rate.
- In this case, you would multiply $2.691 by 0.055 to get a sales tax of $0.148005.
Step 4: Add the sales tax to the new price:
- Add the sales tax amount to the new price of the item.
- Continuing the example, adding the sales tax of $0.148005 to $2.691 would give you a total price of $2.839005.
Therefore, the total price of the socks, including the sales tax and discount, would be approximately $2.84.