How do I calculate Amount of Sales Tax from Total Amount?
I need to create an Excel Formula that calculates how much tax was paid
within a total amount. example: Total Amount = $546.20. Tax base = 8.8%. How much of the $546.20 is tax? |
Mike,
In principle, you multiply by the tax rate, and divide by 1 (Or 100%) plus the tax rate. So here bit would be =A1*.088/(1+.088) or =A1*8.8%/(100%+8.8%) You might want to round it to 2 dec places as it is currency =ROUND(A1*8.8%/(100%+8.8%),2) -- HTH RP (remove nothere from the email address if mailing direct) "MikeS" wrote in message ... I need to create an Excel Formula that calculates how much tax was paid within a total amount. example: Total Amount = $546.20. Tax base = 8.8%. How much of the $546.20 is tax? |
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