First, we need to calculate the area of the floor in square inches.
An 8-foot square floor is 8 * 12 = 96 inches on each side.
The area of the floor is 96 * 96 = 9216 square inches.
Since each tile measures 8 inches on each side, the area covered by each tile is 8 * 8 = 64 square inches.
To find how many tiles are needed, we divide the floor area by the area covered by each tile: 9216 / 64 = 144 tiles.
Each tile costs 50 cents, so the total cost to tile the floor is 144 * $0.50 = $<<144*0.5=72>>72 dollars.
Therefore, it will cost $72 dollars to tile the floor.