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formula to calculate sales tax from total sales

  1. #1
    Deanna
    Guest

    formula to calculate sales tax from total sales

    My husband and I just opened a business and I have created a chart on excel
    for us to track daily sales but also to figure sales tax so we know what to
    send the IRS each month. We have been figuring the sales tax ourselves and
    filling in the chart on excel but I would like to create a formula that
    automatically does it for me based on total sales.

  2. #2
    Paul B
    Guest

    Re: formula to calculate sales tax from total sales

    Deanna, would total sale times sale tax rate work?

    --
    Paul B
    Always backup your data before trying something new
    Please post any response to the newsgroups so others can benefit from it
    Feedback on answers is always appreciated!
    Using Excel 2002 & 2003

    "Deanna" <[email protected]> wrote in message
    news:[email protected]...
    > My husband and I just opened a business and I have created a chart on

    excel
    > for us to track daily sales but also to figure sales tax so we know what

    to
    > send the IRS each month. We have been figuring the sales tax ourselves

    and
    > filling in the chart on excel but I would like to create a formula that
    > automatically does it for me based on total sales.




  3. #3
    dak818
    Guest

    Re: formula to calculate sales tax from total sales

    Hi Paul, I am afraid I don't understand. I want to take cash and credit
    card sales and be able to figure out what we owe the Dept. of Revenue each
    month. It is not a problem for us to tabulate this figure for ourselves; I
    just figured that with excel there would be some formula I could put in for
    it to do it automatically. Our tax rate is 7%. Thanks for any information
    you may offer.

    "Paul B" wrote:

    > Deanna, would total sale times sale tax rate work?
    >
    > --
    > Paul B
    > Always backup your data before trying something new
    > Please post any response to the newsgroups so others can benefit from it
    > Feedback on answers is always appreciated!
    > Using Excel 2002 & 2003
    >
    > "Deanna" <[email protected]> wrote in message
    > news:[email protected]...
    > > My husband and I just opened a business and I have created a chart on

    > excel
    > > for us to track daily sales but also to figure sales tax so we know what

    > to
    > > send the IRS each month. We have been figuring the sales tax ourselves

    > and
    > > filling in the chart on excel but I would like to create a formula that
    > > automatically does it for me based on total sales.

    >
    >
    >


  4. #4
    Paul B
    Guest

    Re: formula to calculate sales tax from total sales

    Deanna, maybe I am missing something here, but with you total in A1 this
    will give you 7% of that =A1*0.07, is this what you need?

    --
    Paul B
    Always backup your data before trying something new
    Please post any response to the newsgroups so others can benefit from it
    Feedback on answers is always appreciated!
    Using Excel 2002 & 2003

    "dak818" <[email protected]> wrote in message
    news:[email protected]...
    > Hi Paul, I am afraid I don't understand. I want to take cash and credit
    > card sales and be able to figure out what we owe the Dept. of Revenue each
    > month. It is not a problem for us to tabulate this figure for ourselves;

    I
    > just figured that with excel there would be some formula I could put in

    for
    > it to do it automatically. Our tax rate is 7%. Thanks for any

    information
    > you may offer.
    >
    > "Paul B" wrote:
    >
    > > Deanna, would total sale times sale tax rate work?
    > >
    > > --
    > > Paul B
    > > Always backup your data before trying something new
    > > Please post any response to the newsgroups so others can benefit from it
    > > Feedback on answers is always appreciated!
    > > Using Excel 2002 & 2003
    > >
    > > "Deanna" <[email protected]> wrote in message
    > > news:[email protected]...
    > > > My husband and I just opened a business and I have created a chart on

    > > excel
    > > > for us to track daily sales but also to figure sales tax so we know

    what
    > > to
    > > > send the IRS each month. We have been figuring the sales tax

    ourselves
    > > and
    > > > filling in the chart on excel but I would like to create a formula

    that
    > > > automatically does it for me based on total sales.

    > >
    > >
    > >




  5. #5
    Forum Contributor
    Join Date
    06-23-2004
    Location
    Houston, TX
    Posts
    571
    Quote Originally Posted by =?Utf-8?B?RGVhbm5h?=
    My husband and I just opened a business and I have created a chart on excel
    for us to track daily sales but also to figure sales tax so we know what to
    send the IRS each month. We have been figuring the sales tax ourselves and
    filling in the chart on excel but I would like to create a formula that
    automatically does it for me based on total sales.

    Your tax rate being 7%, use this formula

    Tax due from total daily sales = 0.07 * (Total daily sales)/1.07
    BenjieLop
    Houston, TX

  6. #6
    Forum Contributor
    Join Date
    06-23-2004
    Location
    Houston, TX
    Posts
    571
    Quote Originally Posted by =?Utf-8?B?RGVhbm5h?=
    My husband and I just opened a business and I have created a chart on excel
    for us to track daily sales but also to figure sales tax so we know what to
    send the IRS each month. We have been figuring the sales tax ourselves and
    filling in the chart on excel but I would like to create a formula that
    automatically does it for me based on total sales.
    Deanna,

    I understood your post to mean that your total daily sales figure already include the tax. Hence the formula

    = 0.07 * (Total daily sales)/1.07

    However, if I misunderstood your post and you actually mean that you want to determine the sales tax due on a sale, then your formula would simply be

    Sales tax due = 0.07 * Price of item

  7. #7
    dak818
    Guest

    Re: formula to calculate sales tax from total sales

    Thank you Paul!!!!! That did it! Simple as it was; I could not discover
    this on my own! Thanks a bunch!

    "Paul B" wrote:

    > Deanna, maybe I am missing something here, but with you total in A1 this
    > will give you 7% of that =A1*0.07, is this what you need?
    >
    > --
    > Paul B
    > Always backup your data before trying something new
    > Please post any response to the newsgroups so others can benefit from it
    > Feedback on answers is always appreciated!
    > Using Excel 2002 & 2003
    >
    > "dak818" <[email protected]> wrote in message
    > news:[email protected]...
    > > Hi Paul, I am afraid I don't understand. I want to take cash and credit
    > > card sales and be able to figure out what we owe the Dept. of Revenue each
    > > month. It is not a problem for us to tabulate this figure for ourselves;

    > I
    > > just figured that with excel there would be some formula I could put in

    > for
    > > it to do it automatically. Our tax rate is 7%. Thanks for any

    > information
    > > you may offer.
    > >
    > > "Paul B" wrote:
    > >
    > > > Deanna, would total sale times sale tax rate work?
    > > >
    > > > --
    > > > Paul B
    > > > Always backup your data before trying something new
    > > > Please post any response to the newsgroups so others can benefit from it
    > > > Feedback on answers is always appreciated!
    > > > Using Excel 2002 & 2003
    > > >
    > > > "Deanna" <[email protected]> wrote in message
    > > > news:[email protected]...
    > > > > My husband and I just opened a business and I have created a chart on
    > > > excel
    > > > > for us to track daily sales but also to figure sales tax so we know

    > what
    > > > to
    > > > > send the IRS each month. We have been figuring the sales tax

    > ourselves
    > > > and
    > > > > filling in the chart on excel but I would like to create a formula

    > that
    > > > > automatically does it for me based on total sales.
    > > >
    > > >
    > > >

    >
    >
    >


  8. #8
    Paul B
    Guest

    Re: formula to calculate sales tax from total sales

    Your welcome

    --
    Paul B
    Always backup your data before trying something new
    Please post any response to the newsgroups so others can benefit from it
    Feedback on answers is always appreciated!
    Using Excel 2002 & 2003

    "dak818" <[email protected]> wrote in message
    news:[email protected]...
    > Thank you Paul!!!!! That did it! Simple as it was; I could not discover
    > this on my own! Thanks a bunch!
    >
    > "Paul B" wrote:
    >
    > > Deanna, maybe I am missing something here, but with you total in A1 this
    > > will give you 7% of that =A1*0.07, is this what you need?
    > >
    > > --
    > > Paul B
    > > Always backup your data before trying something new
    > > Please post any response to the newsgroups so others can benefit from it
    > > Feedback on answers is always appreciated!
    > > Using Excel 2002 & 2003
    > >
    > > "dak818" <[email protected]> wrote in message
    > > news:[email protected]...
    > > > Hi Paul, I am afraid I don't understand. I want to take cash and

    credit
    > > > card sales and be able to figure out what we owe the Dept. of Revenue

    each
    > > > month. It is not a problem for us to tabulate this figure for

    ourselves;
    > > I
    > > > just figured that with excel there would be some formula I could put

    in
    > > for
    > > > it to do it automatically. Our tax rate is 7%. Thanks for any

    > > information
    > > > you may offer.
    > > >
    > > > "Paul B" wrote:
    > > >
    > > > > Deanna, would total sale times sale tax rate work?
    > > > >
    > > > > --
    > > > > Paul B
    > > > > Always backup your data before trying something new
    > > > > Please post any response to the newsgroups so others can benefit

    from it
    > > > > Feedback on answers is always appreciated!
    > > > > Using Excel 2002 & 2003
    > > > >
    > > > > "Deanna" <[email protected]> wrote in message
    > > > > news:[email protected]...
    > > > > > My husband and I just opened a business and I have created a chart

    on
    > > > > excel
    > > > > > for us to track daily sales but also to figure sales tax so we

    know
    > > what
    > > > > to
    > > > > > send the IRS each month. We have been figuring the sales tax

    > > ourselves
    > > > > and
    > > > > > filling in the chart on excel but I would like to create a formula

    > > that
    > > > > > automatically does it for me based on total sales.
    > > > >
    > > > >
    > > > >

    > >
    > >
    > >




  9. #9
    Evan
    Guest

    Re: formula to calculate sales tax from total sales

    This is wrong. The number you are looking for is A1-(A1/1.07) NOT A1*7

    "Paul B" wrote:

    > Your welcome
    >
    > --
    > Paul B
    > Always backup your data before trying something new
    > Please post any response to the newsgroups so others can benefit from it
    > Feedback on answers is always appreciated!
    > Using Excel 2002 & 2003
    >
    > "dak818" <[email protected]> wrote in message
    > news:[email protected]...
    > > Thank you Paul!!!!! That did it! Simple as it was; I could not discover
    > > this on my own! Thanks a bunch!
    > >
    > > "Paul B" wrote:
    > >
    > > > Deanna, maybe I am missing something here, but with you total in A1 this
    > > > will give you 7% of that =A1*0.07, is this what you need?
    > > >
    > > > --
    > > > Paul B
    > > > Always backup your data before trying something new
    > > > Please post any response to the newsgroups so others can benefit from it
    > > > Feedback on answers is always appreciated!
    > > > Using Excel 2002 & 2003
    > > >
    > > > "dak818" <[email protected]> wrote in message
    > > > news:[email protected]...
    > > > > Hi Paul, I am afraid I don't understand. I want to take cash and

    > credit
    > > > > card sales and be able to figure out what we owe the Dept. of Revenue

    > each
    > > > > month. It is not a problem for us to tabulate this figure for

    > ourselves;
    > > > I
    > > > > just figured that with excel there would be some formula I could put

    > in
    > > > for
    > > > > it to do it automatically. Our tax rate is 7%. Thanks for any
    > > > information
    > > > > you may offer.
    > > > >
    > > > > "Paul B" wrote:
    > > > >
    > > > > > Deanna, would total sale times sale tax rate work?
    > > > > >
    > > > > > --
    > > > > > Paul B
    > > > > > Always backup your data before trying something new
    > > > > > Please post any response to the newsgroups so others can benefit

    > from it
    > > > > > Feedback on answers is always appreciated!
    > > > > > Using Excel 2002 & 2003
    > > > > >
    > > > > > "Deanna" <[email protected]> wrote in message
    > > > > > news:[email protected]...
    > > > > > > My husband and I just opened a business and I have created a chart

    > on
    > > > > > excel
    > > > > > > for us to track daily sales but also to figure sales tax so we

    > know
    > > > what
    > > > > > to
    > > > > > > send the IRS each month. We have been figuring the sales tax
    > > > ourselves
    > > > > > and
    > > > > > > filling in the chart on excel but I would like to create a formula
    > > > that
    > > > > > > automatically does it for me based on total sales.
    > > > > >
    > > > > >
    > > > > >
    > > >
    > > >
    > > >

    >
    >
    >


  10. #10
    Harlan Grove
    Guest

    Re: formula to calculate sales tax from total sales

    Evan wrote...
    >This is wrong. The number you are looking for is A1-(A1/1.07) NOT A1*7

    ....

    You mean 'NOT A1*7%'.

    You're probably correct. If the OP's total receipts already include 7%
    sales tax, then the total receipts equal sales revenue plus sales tax,
    and sales tax would be 7% of sales revenue rather than total receipts.
    7% of total receipts is higher than 7% of sales revenue, so A1*0.07
    would overstate sales tax. This is perhaps a bit clearer to see by
    rewriting the correct formula as A1*0.07/1.07.


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