How do I extract sales tax from a given figure into a new cell?
 

I am creating a spreadsheet to show how much sales tax I need to repay
myself. I own a business and am trying to create a spreadsheet to show my
full deposit and it will break down the sales tax paid with that deposit. I
am unable to come up with a formula to do this.

Help!

say you deposited 107 and the sales tax rate is 7% then

=107/1.07

will give you the sales tax portion of your deposit

If your deposit is in cell A1 then
=A1/1.07


I
"Elite Achiever" <Elite wrote in message
...
I am creating a spreadsheet to show how much sales tax I need to repay
myself. I own a business and am trying to create a spreadsheet to show my
full deposit and it will break down the sales tax paid with that deposit.
I
am unable to come up with a formula to do this.

Help!

I think N Harkawat made a typo, the sales tax amount for a deposit with 7%
sales tax included would be

=Deposit-Deposit/(1+7%)

Regards,

Peo Sjoblom

"N Harkawat" wrote:

say you deposited 107 and the sales tax rate is 7% then

=107/1.07

will give you the sales tax portion of your deposit

If your deposit is in cell A1 then
=A1/1.07


I
"Elite Achiever" <Elite wrote in message
...
I am creating a spreadsheet to show how much sales tax I need to repay
myself. I own a business and am trying to create a spreadsheet to show my
full deposit and it will break down the sales tax paid with that deposit.
I
am unable to come up with a formula to do this.

Help!