What is the tax on a $50 item with a 6% rate?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $24.99Unlock all

Prepare for the Relating Income and Careers Test. Improve your knowledge with engaging materials, flashcards, and multiple-choice questions with explanations. Be ready to ace your exam confidently!

Multiple Choice

What is the tax on a $50 item with a 6% rate?

Explanation:
Applying a percentage rate to the price is how you calculate sales tax. Convert 6% to a decimal (0.06) and multiply by the price: 50 × 0.06 = 3.00. So the tax is $3. The other amounts would come from applying different rates (for example, 5% gives $2.50, 7% gives $3.50, and 12% gives $6.00).

Applying a percentage rate to the price is how you calculate sales tax. Convert 6% to a decimal (0.06) and multiply by the price: 50 × 0.06 = 3.00. So the tax is $3. The other amounts would come from applying different rates (for example, 5% gives $2.50, 7% gives $3.50, and 12% gives $6.00).

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy