Midtown Antiques collects 4% sales tax on all sales. If total sales including tax are $1058.30, find the portion that is the tax. Round your answer to the nearest cent.
A)$40.70
B)$42.33
C)$1017.60
D)$30.70
E) none of the above
4% of 1058.3 = B)
Vanessa's answer is incorrect.
The $1058.30 includes the 4% tax so it is really 1.04 of the the cost.
Cost = 1058.30/1.04 = 1017.60
So the sales were $1017.60 and the tax was $40.70
Check: tax on $1017.60 = .04(1017.60) = $40.70
for a total of $1017.60 + $40.70 = $1058.30
Well, collecting taxes can be quite taxing, but let's do some math magic! If total sales including tax are $1058.30 and the tax rate is 4%, we can find the portion that is the tax by multiplying the total sales by the tax rate. So, $1058.30 multiplied by 4% gives us $42.33.
Therefore, the portion that is the tax is $42.33. Looks like the answer is B) $42.33.
To find the portion that is the tax, we need to subtract the total amount of the sale without the tax from the total sales price.
Let's start with the total sales price, which is $1058.30.
To find the total amount of the sale without tax, we need to divide the total sales price by 1 plus the tax rate (4% or 0.04).
Total amount without tax = Total sales price / (1 + Tax rate)
Total amount without tax = $1058.30 / (1 + 0.04)
Total amount without tax = $1058.30 / 1.04
Total amount without tax ≈ $1016.83
Now, we can find the portion that is the tax by subtracting the total amount without tax from the total sales price.
Portion that is the tax = Total sales price - Total amount without tax
Portion that is the tax = $1058.30 - $1016.83
Portion that is the tax ≈ $41.47
Rounded to the nearest cent, the portion that is the tax is $41.47.
Therefore, none of the given options (A), (B), (C), (D), (E) are correct.
To find the portion that is the tax, we first need to determine the sales amount before tax.
Let's assume the sales amount before tax is x.
Since Midtown Antiques collects a 4% sales tax on all sales, the sales amount after tax can be calculated by adding the tax amount to the sales amount before tax:
Sales amount after tax = Sales amount before tax + Tax amount
In this case, the sales amount after tax is given as $1058.30, and the tax rate is 4%.
Since the tax rate is given as a percentage, we need to convert it to a decimal by dividing it by 100:
Tax rate = 4% = 4/100 = 0.04
Now we can set up an equation:
$1058.30 = x + 0.04x
To solve for x, we can combine like terms:
$1058.30 = 1.04x
Dividing both sides of the equation by 1.04:
$1058.30 / 1.04 = x
Calculating this:
$1,017.60 = x
Therefore, the sales amount before tax is $1,017.60.
To find the portion that is the tax, we subtract the sales amount before tax from the total sales amount, which includes tax:
Tax amount = Total sales amount - Sales amount before tax
= $1058.30 - $1,017.60
= $40.70
So the portion that is the tax is $40.70.
Therefore, the correct answer is A) $40.70.