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Frequently Asked Questions

How do you find sales tax?

Sales Tax Calculation. To calculate the sales tax that is included in a company's receipts, divide the total amount received (for the items that are subject to sales tax) by "1 + the sales tax rate".

How do you calculate a tax rate?

The most straightforward way to calculate effective tax rate is to divide the income tax expenses by the earnings (or income earned) before taxes. For example, if a company earned $100,000 and paid $25,000 in taxes, the effective tax rate is equal to 25,000 ÷ 100,000 or 0.25.

How do you back out sales tax?

Back Out Tax Amount. Follow these steps to back the sales tax amount out of the total sales for each department. Run the Sales by Department report. To get the pre-tax sales amount, divide each department's net sales by 1 plus that department's tax rate. To get the sales tax amount, subtract the pre-tax sales amount from the department's net sales.

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