Gratuities, Commissions, Fees, and Taxes Worksheets
When we get older and start paying for things around our communities, we quickly realize that things are usually more expensive than the sticker price. This is because there are a number of people that are in service industry that receive their compensation based on how well the payee decides the level of service that they received. We also realize that the government requires money to keep operating and provide for its citizens. We will show you how to determine a proper tip for a service worker in this section. We will also examine how people earn a living for themselves through more than just an hourly wage or a salary. We will also explore how taxes are calculated and you determine the additional amount that you have to pay. These worksheets and lesson provide students with an opportunity to explore common financial transactions and how additional sums of money are often collected or paid based on the situation that is present.
Aligned Standard: Grade 7 Proportional Relationships - 7.RP.A.3
- Cake Sales Step-by-step Lesson- The boss wants to sell more cakes. How many extra cakes does the sales team need to sell?
- Guided Lesson - This set has a nice assortment of questions that include commission, tax, and tips.
- Guided Lesson Explanation - I find that a good way to explain this problem set is to draw everything out for children.
- Practice Worksheet - I unleash a series of questions on you. I kept it to one page because some teachers said it saves paper.
- Matching Worksheet - I, once again, removed the units and dollar symbols to add a bit of challenge for kids.
- Answer Keys - These are for all the unlocked materials above.
The second one on taxes blows kids minds at this level for the most part. Tell them how much tax you have to pay when buying a car!
- Homework 1 - At a car dealership, 40 cars were sold in June. The manager at the store wants to encourage the sales team to sell more cars by giving all the sales team members a bonus if the number of cars sold increases by 30% in July.
- Homework 2 - Ryan paid $12.14 for a pair of socks. This amount included a tax of 6%. What was the cost before tax?
- Homework 3 - At a Shopping Bonanza, 30 laptops were sold in October. The manager wants to encourage sales so he offers a 7% commission to all sales people on laptops. If a laptop sells for $450, how much will the commission be for the sale of a laptop?
Until kids start paying for things with their own money, these skills never seem to sink in.
- Practice 1 - Aiden paid $13.45 for a pair of dog collars. This amount included a tax of 6%. What was the cost of the collars before tax?
- Practice 2 - Jackson has a shop. He sells 140 nail paints in October. In November, sales on nail paints increased by 30%. How many nail paints did Jackson sell in November?
- Practice 3 - In a store, 145 soft drinks were sold in June. Sales were up 23% in July. How many soft drinks were sold in July?
Math Skill Quizzes
I did some research on this and found that Belgium has a tax rate of 54%. Wow, that's harsh!
- Quiz 1 - Crazy Eddie offered to dye his hair yellow if sales picked up by 45%. 635 shirts were sold at the store in April. How many shirts does Eddie need to sell in May to dye his hair?
- Quiz 2 - George paid $95.21 for a blanket .This amount included a tax of 41%. What was the cost before tax?
- Quiz 3 - George sold 974 pools in 2011. In 2012 he sold 1,071 pools. What percentage increase in sales did George see?
What Are Gratuities, Commissions, Fees, and Taxes?
These are all types of different terms that we use with financial situations. When you become an adult these will be things that you will want to understand be a better consumer and make sure that you are not spending too much or too little money. While some of these terms are not used on a daily basis, it generates a perception that it requires complex calculations.
Gratuities are often called tips; they are additional dollars that you pay on top of your bill. They are often giving to people in the service sector. The common thought process is that the better service that you receive the better the tip that you leave for the people that provided the service. In some cases, especially when you are part of a large group gratuities are already included in their bill. In general, to determine this value take the total cost without tax and leave an additional 15%.
Commissions are sums of money that are paid to you normally when you sell something or complete a service of some type. They differ from salary because you only receive this if a sale is made. This is commonly used in sales to motivate sale people to sell more products. The more that they sell, the more money that they receive. The amount of cash that is rendered on a sale can be in fixed amount such as $500 or a percentage of the sale like 5%.
Fees are fixed prices that you are charged for when you receive certain services. They can be common charges and costs associated with a service. Alternatively, they can be used as penalties as well. For example, if you bank account balance goes below a certain value, you can be charged a fee.
Taxes are mandatory contributions that the government requires you make. The government uses this money to provide citizens with services. In the United States citizens pay taxes at the local, state, and federal level. Each of these bodies create specific criteria where citizens pay taxes. In general, the more money you make or spend, the more taxes you will pay.