If the price of an item is $60 and there is a sales tax of 4.25%. what is the amount of tax you would have to pay?

Question

asked Sep 13, 2021 153k views

2 Answers

Nitish Kumar Pal · Answer 1 · 2021-09-13T18:25:56+0000

Answer:

Final Price Including Tax ($): 62.7

Sale Tax($): 2.7

You buy a product for 60 dollars with tax included. You know that the tax rate at your state is 4.25. What is the tax value?

a) Before Tax Price

Divide the tax rate by 60. A tax of 4.25 percent was added to the product to make it equal to 62.7 So, divide 4.25 by 60 to get 14.75

Before Tax Price ($) = Final price / (1 + tax rate(%) / 60)