how do I compute sales tax? $1,367.85. sales tax rate is 5.75%.
also, how do I add in city tax?
Both taxes are based upon the retail price of the product.
When the tax rate is 5.75%, change it to a decimal -- 0.0575 -- and multiply.
$1367.85 * .0575 = $78.65
To find the city tax, multiply $1367.85 by the city tax rate.
To compute sales tax, you need to multiply the purchase amount by the sales tax rate. Here's how to calculate it for a purchase amount of $1,367.85 with a sales tax rate of 5.75%:
Step 1: Convert the sales tax rate to decimal form. Divide the percentage by 100 to get the decimal representation. In this case, 5.75% is equal to 0.0575.
Step 2: Multiply the purchase amount by the sales tax rate in decimal form: $1,367.85 * 0.0575 = $78.70.
Therefore, the sales tax for a purchase of $1,367.85 with a 5.75% sales tax rate is $78.70.
To add in city tax, you need to follow a similar process. If you know the city tax rate, say it's 2%, you would calculate it as follows:
Step 1: Convert the city tax rate to decimal form. Divide the percentage by 100 to get the decimal representation. In this case, 2% is equal to 0.02.
Step 2: Multiply the purchase amount by the city tax rate in decimal form: $1,367.85 * 0.02 = $27.36.
Therefore, the city tax for a purchase of $1,367.85 with a 2% city tax rate is $27.36.
In summary, to compute sales tax or city tax, you need to multiply the purchase amount by the tax rate in decimal form.