Midtown Antiques collects 2% sales tax on all sales. If total sales including tax are $1161.87 find the portion that is the tax amount.
t = 1161.87 - (1161.87 / 1.02)
let x = original cost
1.02x = 1161.87
Calculate x, subtract from 1161.87.
To find the tax amount, we need to calculate 2% of the total sales amount.
Step 1: Convert the tax rate to a decimal. Divide it by 100.
2% = 2/100 = 0.02
Step 2: Multiply the total sales amount by the tax rate.
Tax amount = $1161.87 * 0.02 = $23.24
Therefore, the tax amount is $23.24.
To find the tax amount, we first need to determine the total sales amount without tax. Since Midtown Antiques collects 2% tax on all sales, the remaining 98% represents the sales price without tax.
We can set up the following equation to find the sales price without tax:
Sales price without tax + 2% tax = Total sales price
Let's assume the sales price without tax is "x". Therefore, the equation becomes:
x + 0.02x = 1161.87
Combining like terms:
1.02x = 1161.87
Divide both sides of the equation by 1.02 to isolate "x":
x = 1161.87 / 1.02
Simplifying:
x ≈ 1139.77
The sales price without tax is approximately $1139.77.
To find the tax amount, we can subtract the sales price without tax from the total sales price:
Tax amount = Total sales price - Sales price without tax
= $1161.87 - $1139.77
= $22.1
Therefore, the portion that is the tax amount is $22.1