How do I tell how much I pay for something plus tax? Like say something is $5.00, how can I tell how much it will be plus tax?
2007-06-19 13:08:57 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Depends on the location you buy the item. However, assuming the tax rate is 8.25 %, the formula would be $ 5,000 times 1.0825 equals 5,412.50, You would pay 5,412,50, $ 5,000 for the time and $ 412.50 in tax.
Let say you asked the question differently. For example, if I only have 5,000 to spend what could I pay for the item so I could cover the tax. In that case, the formula is $ 5,000 times .9175 (1-.0825).
2007-06-19 13:17:20 · answer #1 · answered by caseysxyz 3 · 0⤊ 1⤋
Multiply the price by the tax rate expressed as a decimal. If the rate is 6.5%, multiply the price by .065 to get the tax or by 1.065 to get the price including the tax.
2007-06-19 21:19:11 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋