Chanderjit Bakshi
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How do I figure out the tax on a total amount?

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How do I figure out the tax on a total amount?
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1 Answer

  1. To find the figure out tax on a total amount following procedure to be followed:
    Step 1: take the total price and divide it by one plus the tax rate.
    Step 2: multiply the result from step one by the tax rate to get the dollars of tax.
    Step 3: subtract the dollars of tax from step 2 from the total price.
    Pre-Tax Price = TP – [(TP / (1 + r) x r]
    TP = Total Price.

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