This Question is Answered
How Do You Calculate The Amount Of Tax? You Know The Total Sum And The Percentage Rate Of The Tax ?
Example: The total sum is $3,227.39 . The tax rate is 7.2%. How much of that total sum is the taxes?
asked 2 months ago
That is incorrect. If you multiply the "total amount left after tax" by the tax rate (1.072) you should arrive at $3,227.39. In the answer above, you don't arrive at that total so the logic is incorrect.
You take the total sum and divide by 1.072 which equals: $3,010.625. This is the new sub total, which means the tax is actually $216.765. To prove the math, take $3,010.625 and multiply by 1.072 and you arrive at the total after tax.
comment made by Hickeyd13 5 days ago
Report