Compute local taxes on products and services.
DefinitionComputation should include calculation of sales tax on sample products such as groceries, prepared food, clothing, entertainment, lodging, automobiles, and on sample services.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of taxes by
- describing the types and purposes of local, state, and federal taxes and the way each is levied and used;
- exploring how tax structures affect consumers, producers, and business owners differently;
- computing local taxes on products and services;
- examining potential tax deductions and credits on a tax return;
- explaining the content and purpose of a standard W-2 form; and
- explaining the similarities and differences between state and federal taxation of inheritances.