Calculating Sales & Income Taxes
T.i.P.S.
Students will use their knowledge of rational numbers and percents to calculate the sales tax on purchases and income tax earned on wages in problem-solving situations.
Example
Carolyn went to the mall to buy a new outfit. She bought a pair of jeans for $32.50 and a shirt for $12.75. How much sales tax will she pay on her outfit if tax is 8.25%?
Digital Tools
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Resources
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Federal Reserve System’s Resources for Educators
Teacher Online Resource Center
TEKS
Supporting Standard7.13 Personal financial literacy. The student applies mathematical process standards to develop an economic way of thinking and problem solving useful in one's life as a knowledgeable consumer and investor. The student is expected to:
(A) calculate the sales tax for a given purchase and calculate income tax for earned wages
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