Final answer:
The sales tax percentage is found by subtracting the pre-tax price from the total cost to find the tax amount, then dividing this by the pre-tax price and multiplying by 100. For the example with the bicycle, the sales tax rate is 3%.
Step-by-step explanation:
To calculate the sales tax percentage, it is necessary to follow a systematic process that involves determining the amount of sales tax incurred on a purchase. In the provided example, where a bicycle costs $47 before tax and $48.41 after tax, the first step is to find the sales tax amount by subtracting the original price from the final price after tax. Thus, $48.41 - $47 = $1.41 represents the sales tax.
The next step involves calculating the sales tax percentage by expressing the tax amount as a percentage of the original price. This is achieved by dividing the sales tax amount by the original price and then multiplying by 100. In this instance, the calculation is ($1.41 ÷ $47) × 100, which equals approximately 3%. Therefore, the sales tax rate for the bicycle purchase is 3%.
Understanding the sales tax percentage is crucial for consumers to be aware of the additional costs associated with their purchases. By performing such calculations, individuals can make informed decisions about their expenditures and budget accordingly. This process also provides transparency in transactions, enabling consumers to assess the impact of sales tax on the overall cost of goods and services.