Percents
Stephani Shiplett
Taxes, Tips, Discounts, Mark Ups and Commission
Percents. Some percents of things that we calculate has to do with Taxes, Tips, Discounts, Mark Ups and Commission.
Taxes, Tips, and Mark Ups
Taxes, Tips, and Mark Ups are all different things. But when it comes to calculating them, they are a lot alike. They are calculated by finding a certain percent of a number and then adding it to the original price.
Discounts
A discount is a certain percent of a number subtracted from the original price of the product. It is the percent of money saved on a purchase.
Commission
Commission is the amount of money someone makes off of a product or sale. It's calculated by finding the percent of a number.
A closer look at Taxes and Tips
My example of Taxes & Tips starts at Dairy Queen, my favorite place to get cold and refreshing smoothies!
I ordered a Berry Pomagranit Smoothie, a Pinapple Smoothie, & a Strawberry Banana Smoothie. The cost of my Smoothies were $12.37. The tax in Summit County is 6.75% so the tax on my meal was $0.83. Including tax the subtotal of my meal came to $13.20.
My waiter was very kind and patient. So I decided to give him a 20% tip which is $2.64.
The total cost for my visit at Dairy Queen was $15.84.
A closer look at Commission and Mark Ups
Mark Ups
I bought a Big Bear on Amazon for $51.69. I sold it to my friend Tim for $69.69. I marked up the price 36% and made $18.00 dollars in commission. >> Moving on to Commission<<
Commission
I made $18.00 in commission by selling my Big Bear for $69.69. 36% more than what I paid, which was $51.69.
Relating
Mark Ups and Commission are in the same genre, they both relate when it comes to selling things to make money depending on the percent.