How do I find a dollar number plus 7.1% that will come close to $70.00
Here is what Im doing..I rent out packages that are $70.00 and I want to pay 7.1% sales tax out of that $70.00..What dollar amount do I use to add 7.1% to, to make it as close to $70.00 as I can…whats the formula for that….
For x% tax, you divide the "tax-included" amount by 1+x.
For $70 with 5.5% tax included, your pre-tax selling price is 70/(1.055)=$66.35.
Note: this does not always work to the cent because of rounding.