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can anyone explain the details with an example regarding the "Percentage of Price Tax Included" computation method? Please see below for a practical example- how we calculate 111.11?
The Total is the taxable basis: the tax’s amount is a percentage of the Total.
For example, a product has a Sales Price of $1000, and we apply a 10% of Price Tax Included tax. We then have:
| Product’s Sales Price | Price without tax | Tax | Total |
|---|---|---|---|
| 1,000 | 1,000 | 111.11 | 1,111.11 |
The Calculation goes as follows:
Base Price = Product Price / (1 - (Tax Rate / 100))
ie,
10% of 1000 =100
10% of 100=10
here the product price is 1000, and the tax is 10%
1000 / ( 1 - (100/10) = tax amount (-111.11)
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Tax computation method- Percentage of Price Tax Included
can anyone explain the details with an example regarding the "Percentage of Price Tax Included" computation method? Please see below for a practical example- how we calculate 111.11?
The Total is the taxable basis: the tax’s amount is a percentage of the Total.
For example, a product has a Sales Price of $1000, and we apply a 10% of Price Tax Included tax. We then have:
Product’s Sales Price Price without tax Tax Total
1,000 1,000 111.11 1,111.11