What is the FCIA tax (assuming a 7.05% rate) on a weekly paycheck of $398.00?
What is the sales tax of 5% on a purchase of $6.71?
What is the property tax of 1.6% on property assessed at $60,000?
Please help i am very stuck on these!!!!
In each case, multiply the percent by the amount of the weekly paycheck, purchase price or assessed value.
You can certainly do that.
Well when you multiply you also have to dived like cross multiply
Sure! I'll guide you through the process of calculating each of these taxes step by step.
1. FCIA Tax:
To find the FCIA (Federal Contributions for Insurance Act) tax on a weekly paycheck, you need to multiply the paycheck amount by the tax rate.
In this case, the weekly paycheck is $398.00, and the tax rate is 7.05%. To calculate the FCIA tax, follow these steps:
First, convert the percentage to a decimal by dividing it by 100:
7.05 ÷ 100 = 0.0705
Next, multiply the paycheck by the tax rate:
$398.00 × 0.0705 = $28.079
Therefore, the FCIA tax on a weekly paycheck of $398.00 at a rate of 7.05% is approximately $28.08.
2. Sales Tax:
To calculate the sales tax on a purchase, multiply the purchase amount by the tax rate.
In this case, the purchase amount is $6.71, and the sales tax rate is 5%. The calculation looks like this:
Again, convert the tax rate to a decimal:
5 ÷ 100 = 0.05
Now, multiply the purchase amount by the tax rate:
$6.71 × 0.05 = $0.3355
The sales tax on a purchase of $6.71 at a rate of 5% is approximately $0.34.
3. Property Tax:
To determine the property tax amount, multiply the property's assessed value by the tax rate.
In this case, the property's assessed value is $60,000, and the tax rate is 1.6%. Follow these steps:
Convert the tax rate to a decimal:
1.6 ÷ 100 = 0.016
Multiply the assessed value by the tax rate:
$60,000 × 0.016 = $960.00
The property tax on a property assessed at $60,000 with a tax rate of 1.6% is $960.00.
I hope this explanation helps you figure out these tax calculations! Let me know if you have any more questions.