1. Limited time only! Sign up for a free 30min personal tutor trial with Chegg Tutors
    Dismiss Notice
Dismiss Notice
Join Physics Forums Today!
The friendliest, high quality science and math community on the planet! Everyone who loves science is here!

Sales tax

Tags:
  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

    User Avatar
    Science Advisor
    Homework Helper

    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
     
Know someone interested in this topic? Share this thread via Reddit, Google+, Twitter, or Facebook




Similar Discussions: Sales tax
Loading...