An item costs
$480
before tax, and the sales tax is
$14.40
.
Find the sales tax rate. Write your answer as a percentage.
The formula for calculating sales tax rate is:
sales tax rate = (sales tax / item price) x 100%
Plugging in the given values, we get:
sales tax rate = (14.40 / 480) x 100%
sales tax rate = 0.03 x 100%
sales tax rate = 3%
Therefore, the sales tax rate is 3%.
To find the sales tax rate, you can divide the tax amount by the original cost of the item and then multiply the result by 100 to convert it to a percentage.
Sales tax rate = (Sales tax amount / Original cost) x 100
In this case, the sales tax amount is $14.40 and the original cost of the item is $480.
Sales tax rate = (14.40 / 480) x 100
Calculating the sales tax rate:
Sales tax rate = (0.03) x 100
Sales tax rate = 3%
Therefore, the sales tax rate is 3%.