what is the formula of tax?
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The formula for calculating the sales tax on a good or service is: selling price x sales tax rate and when calculating the total cost of a purchase, the formula is: total sale amount = selling price + sales tax.
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Collecting sales tax is a mandatory part of selling goods and providing services.So,one must know how to calculate sales tax.Sales tax is a tax imposed on customers when they purchase products and services.
Sales tax is a percentage of a customer’s total bill. The sales tax amount depends on what state, county, and city your business has a physical presence in.
To determine how much sales tax to charge, multiply your customer’s total bill by the sales tax rate.
The sales tax formula is written in the attachment.
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