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Sales tax

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  1. Nov 9, 2008 #1
    does anyone know the formula to back out sales tax from a gross total - I am an auditor and I need to back out sales tax ie:
    gross sales 50,859.18 - this total includes sales tax at 12.25% - i need the formula to back out the sales tax form the gross sales - ANy one know??
     
  2. jcsd
  3. Nov 9, 2008 #2

    mgb_phys

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    Simply divide by (1+sales tax), or in percentages (100+sales tax%)/100

    So 50,859.18 / ((100+12.25)/100) = 50,859.18 / 1.1225 = 45308.85
    45308.85 * 0.1225 = 5.550.33
    45308.85 + 5.550.33 = 50859.18
     
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