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How do I calculate the amount of sales tax that is included in total receipts?

Accounting Financial Accounting
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Question added by Rana Alnajjar , Web developer , Lebcards
Date Posted: 2016/12/22
Upvote (1) Views (4) Followers (4) Answers (3) Report Question
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afzal mohiuddin
by afzal mohiuddin , Accounts Manager , System EAU FZE

Generally if selling price of product is $ 100 all taxes should calculated as per local taxation norms and all information should be disclosed properly in sales voucher

Rizwan Chhapra
by Rizwan Chhapra , Chief Operating Officer , KURTA CORNER

We need to divide the value of gross receipt with the Gross percentage, that is 100%+ the percentage of tax.

Mustfa Alsadah
by Mustfa Alsadah , Fire Sprinkler Plans Reviewer , Texas Sprinkler

Let say the sales tax in your state is 8% and you went to Walmart to buy groceries for example and spent $100.

The tax amount should be $100 * %8/100 = $8 and so on.

I hope you got the general idea.  

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