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?
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If the total sum of income = $3,227.39
Tax rate = 7.2% = 0.072
Total tax = Total income x tax rate
= 3,227.39 x 0.072
= 232.37208
Total amount left after tax = total sum of income - taxed income
= 3,227.39 - 232.37208
= 2995.01792
Total amount of taxes = 232.37208 >>> answer
Tax rate = 7.2% = 0.072
Total tax = Total income x tax rate
= 3,227.39 x 0.072
= 232.37208
Total amount left after tax = total sum of income - taxed income
= 3,227.39 - 232.37208
= 2995.01792
Total amount of taxes = 232.37208 >>> answer
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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.
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.
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answered 8 months ago
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