How to Calculate Tax from Net Amount--Help

[klutz]

Hello,

I need to find a way to calculate and obtain a tax amount based on some known values.

I have the net value and need to know TAX value 3 different types of taxes without having the gross amount.

I've attached a file for (maybe) better picture of what i am trying to achieve


Any help will be appreciated.


Klutzo....

[GTO]

Greetings,

Well, its been a number of years since I received what (sorely little) mathmatical education I did, so hopefully someone will offer an effective expression and/or explanation.

Until then, this seemed to me to be: x * 12765 = 496.42, or, 496.42 / 12765 = x

If that is correct, try:

Multiply the tax by 1.11111543492064. Multiply the Net by the results of the first formula.

I did not try different values, but that seems to work.

Mark

[Bob Phillips]

Surely the tax is calculated on the net amount, gross = net + tax.

Thus, if you pay £1.07 for an item and the tax is 7%, the net amount is £1. Similalrly, if you pay £1, the net amount is .934579.

So iw ould suggest that you don't need gross, you have what you need with net and the tax rate.

[klutz]

Surely the tax is calculated on the net amount, gross = net + tax.

Thus, if you pay £1.07 for an item and the tax is 7%, the net amount is £1. Similalrly, if you pay £1, the net amount is .934579.

So iw ould suggest that you don't need gross, you have what you need with net and the tax rate.

Thanks for Your respone. Hmm.

Imagine your weekly paycheck ( huge or tiny--:bug: )

You are a salary worker. Your net payment is the same every week, $872.00-- You see your deductions in dollar amounts from your gross salary which is $1,105,.

Now, look at your net pay and your deductions but there is no gross amount.

That is where I am visibly being frustrated. I know my net payment, my tax deductions but not my gross.

This is something like mark-ups or grossing up. I have a service that I want to provide. From that service i want to make a net of $872. What should the gross amount be to my client, rememberin that the client needs to pay 3 types of taxes (3.5%-1.0%-5.0%). What would my gross up be?:(

Klutz---

[Bob Phillips]

But isn't that a different situation. Income tax is levied on your earnings, Sales tax is levied on the price that the retailer will get, the pre-tax price.

When I have visited the States, I usually see the price net of tax, so 3% or whatever is added to that net price giving me the gross price, the price that I pay.

Here in the UK, we do it the other way around. The price is quoted inclusive of tax. If an item is priced at £129.99 and the VAT is 15%, the tax element of that item £16.955522, or 13.04355% of the gross price (it is more easily expressed and understood as 3/23rds) . The governmnet gets £15 for the first £100 of the price, and £1.95522 for the remaining £13.0348.

[mdmackillop]

the client needs to pay 3 types of taxes (3.5%-1.0%-5.0%).
Are these compounded? If so, the total tax payable would be 9.2315%, and the amount of tax paid would be 8.451317% of the Gross Amount.