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Need help creating an Excel formla to calculate price before sales tax
Hi, can somebody tell me how to set up a formula that will give me the
BEFORE TAX PRICE given SALES TAX RATE and FINAL PRICE? For example, I sell 3 apples to Bob for $8. Assuming sales tax is 7%, I need a formula that will show me what the before tax price is. I know that the equation on paper would be something like: BEFORE TAX PRICE + (BEFORE TAX PRICE X 7%) = $8 But how do I set something like this up in Excel so that I can simply input the FINAL PRICE and have the BEFORE TAX PRICE outputed? Thanks! Jason |
#2
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Need help creating an Excel formla to calculate price before sales tax
Assuming that A1 contains your final price, try...
=A1/1.07 or =A1/(1+B1) ....where B1 contains your sales tax rate, such as 7%. Hope this helps! In article .com, " wrote: Hi, can somebody tell me how to set up a formula that will give me the BEFORE TAX PRICE given SALES TAX RATE and FINAL PRICE? For example, I sell 3 apples to Bob for $8. Assuming sales tax is 7%, I need a formula that will show me what the before tax price is. I know that the equation on paper would be something like: BEFORE TAX PRICE + (BEFORE TAX PRICE X 7%) = $8 But how do I set something like this up in Excel so that I can simply input the FINAL PRICE and have the BEFORE TAX PRICE outputed? Thanks! Jason |
#3
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Need help creating an Excel formla to calculate price before sales tax
Below is content of cells A1:B3:
A1:A2 show content of Cells B1:B2 B3 is simply the Value 8. A B 1 =B3/1.07 7.48 2 =B1*0.07 0.52 8.00 Hope that helps.. wrote in message oups.com... Hi, can somebody tell me how to set up a formula that will give me the BEFORE TAX PRICE given SALES TAX RATE and FINAL PRICE? For example, I sell 3 apples to Bob for $8. Assuming sales tax is 7%, I need a formula that will show me what the before tax price is. I know that the equation on paper would be something like: BEFORE TAX PRICE + (BEFORE TAX PRICE X 7%) = $8 But how do I set something like this up in Excel so that I can simply input the FINAL PRICE and have the BEFORE TAX PRICE outputed? Thanks! Jason |
#4
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Need help creating an Excel formla to calculate price before sales
Just divide your final price by your tax rate + 1. So, let's assume your
Final Price is in cell A1. Your formula would be: =A1/1.07 HTH, Elkar " wrote: Hi, can somebody tell me how to set up a formula that will give me the BEFORE TAX PRICE given SALES TAX RATE and FINAL PRICE? For example, I sell 3 apples to Bob for $8. Assuming sales tax is 7%, I need a formula that will show me what the before tax price is. I know that the equation on paper would be something like: BEFORE TAX PRICE + (BEFORE TAX PRICE X 7%) = $8 But how do I set something like this up in Excel so that I can simply input the FINAL PRICE and have the BEFORE TAX PRICE outputed? Thanks! Jason |
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