Cost of an item is 700 dollars and the tax rate is 8 percent how much is the sales tax and total cost

Not Financial Advice: Figuring out percentages is pretty simple once you know what percent means. Percent means a portion of something divided into 100 pieces, or X/100.

In your case you want 8%, so we do the math 8/100, and we get 0.08 as the answer.

Now that we have actual numbers with which to work, 8% of $700 is calculated as 0.08 * 700, which is 56.

So the sales tax on the item is $56, and when we add that to the item's cost ($700 + $56) we get $756.00 as the total.

This online sales tax calculator can give out the before tax price, sale tax rate, and the final price value.

A sales tax is a consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale, collected by the retailer and passed on to the government. A business is liable for sales taxes in a given jurisdiction if it has a nexus there, which can be a brick-and-mortar location, an employee, an affiliate, or some other presence, depending on the laws in that jurisdiction.

Don't overpay taxes by overlooking these tax deductions. See the 10 most common deductions taxpayers miss on their tax returns so you can keep more money in your pocket shared by

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