How Do I Back Out The Sales Tax To Find The Original Price?
Doing a sales tax report
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S, that is not quite correct. It will give you a slightly lower original price than what it actually should be. (See my answer below).
Divide the total price by (1+ sales tax rate).
So, if the bill says $26.5 and the tax rate is 6%: Then $26.50/1.06=$25.00 .
You can double-check by reversing the procedure: Tax = $25.00 x 6% = $1.50. So total price = ($25.00 + $1.50) = $26.50.
So, if the bill says $26.5 and the tax rate is 6%: Then $26.50/1.06=$25.00 .
You can double-check by reversing the procedure: Tax = $25.00 x 6% = $1.50. So total price = ($25.00 + $1.50) = $26.50.
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answered 8 months ago
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answered 8 months ago
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