Computing Sales Tax and Retail Price from a number

[Lani Jo]

Hello All,

The situation is this...

When given a new product, the user is given the price to a customer
which includes sales tax. This number is typically a simple number such as
50.00 or 20.00.

The issue is that the *system* requires that retail price and sales tax are
entered separately, such as Retail Price 18.56 + Sales Tax 1.44 = Total Price
20.00.

While I know I learned this reverse calculation somewhere in past, I cannot
remember it now, which is preventing me from creating the formula.

Please help.
Thanks in advance.

Lani

 

[Lani Jo]

Sales Tax is 7.75%

 

[Jason Morin]

A1: Retail Price
A2: Sales Tax %

Total Price:

=ROUNDUP(A1*(1+A2),2)

HTH
Jason
Atlanta, GA

 

[Lani Jo]

Hello,

The number given is Total plus Sales Tax, I need to back out
Sales Tax and remaining Retail Cost.

Retail Price - Sales Tax - Total Price
Unknown - Unknown - $20.00

With local sales tax being 7.75%

I hope that explains the situation more clearly.

Lani

 

[Arvi Laanemets]

Hi

=20(1+7.75%)
=20*7.75%/(1+7.75%)


Arvi Laanemets

 

[Lani Jo]

Hello,

I need to work on framing my questions... my apologies for not being
clear.

Retail Price - Sales Tax - Total Price
A1 A2 A3
Unknown - Unknown - $20.00

Sales Tax is .0775 or 7.75%

Thanks, Lani

 

[Jason Morin]

With Total Price in A1:

=ROUND(A1/(1+7.75%),2)

This will give you the Retail Price.

Jason

 

[BenjieLop]

<< Hello,

I need to work on framing my questions... my apologies for not being
clear.

Retail Price - Sales Tax - Total Price
A1 A2 A3
Unknown - Unknown - $20.00

Sales Tax is .0775 or 7.75%

Thanks, Lani >>

IF THE TOTAL PRICE IS ENTERED IN CELL A3, THEN:

THE RETAIL PRICE IN CELL A1 : =ROUND((A3/1.0775),2)
THE SALES TAX IN CELL A2 : ==A3-A1

Hope this is the solution that you are looking for.

 

[Arvi Laanemets]

Hi

Into A1 enter the formula
=A3/(1+7.75%)
Into A2 enter the formula
=(A3*7.75%)/(1+7.75%)


Arvi Laanemets