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Old March 26th 05, 08:35 PM
MikeS
 
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Default 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?

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Old March 26th 05, 08:49 PM
Bob Phillips
 
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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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