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Calculating Tax Percentage

  1. #1
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    Calculating Tax Percentage

    Hi, I need to calculate tax on a total price. Please see attached excel. The price calculated is in row C. Now, to this total a buyer will pay 8% tax (it is not calculated in the sheet) and I will need to add an amount to row C. Example:

    A buyer will pay $100, tax is 8%, he is paying $108. To this $8 of taxes I need to add a percentage of 10%, means that the total in row C should be $100.8.

    Thanks!
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    Valued Forum Contributor Haluk's Avatar
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    Re: Calculating Tax Percentage

    It should be $108.8 not $100.8

    $100 + $100 X 8% x (1 + 10%) = $108.8

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    Re: Calculating Tax Percentage

    Correct, typing mistake.

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    Re: Calculating Tax Percentage

    The formula in column C produces a circular reference.
    C2:
    Formula: copy to clipboard
    Please Login or Register  to view this content.

    The reference of the formula in C2 to itself is one and the reference to cell D2 is another as the formula in D2 is: =SUM(C2*G2%)
    I am also confused as to how the explanation in post #1 relates to the formula in column C. Perhaps a more detailed explanation of what the formula is supposed to do will help.
    Let us know if you have any questions.
    Consider taking the time to add to the reputation of everybody that has taken the time to respond to your query.

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    Re: Calculating Tax Percentage

    Correct. There are values that relies on the other cells. I need to focus in C2. In this case the others cells are irrelevant. A buyer will pay a total in C2, to this he will pay 8% tax (it is not calculated in the sheet) and I will need to add an amount to row C2. As per the mentioned example:

    A buyer will pay $100, tax is 8%, he is paying $108. To this $8 of taxes I need to add a percentage of 10%, means that the total in row C2 should be $108.8.

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    Re: Calculating Tax Percentage

    Any help please?

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    Re: Calculating Tax Percentage

    From what I gather, you want to put a value ($100) in a cell and have that same cell add 8.8%
    This is not the way that a spreadsheet works.
    However, you could put the value in cell C2 and then do the addition of the 8.8% in another cell.
    Let us know if you have any questions.

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    Re: Calculating Tax Percentage

    Hi, why it cannot keep using the circular calculation as it does now just adding 8.8%? Can you help with this?

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    Re: Calculating Tax Percentage

    read up on 'iterative calculations'
    is this really what you want

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    Re: Calculating Tax Percentage

    Right, this is what the sheet and current formula are using, I just need help in how to make this calculation

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    Re: Calculating Tax Percentage

    You are advised not to work with 'iterative calculations'

    Your formula in D2 is also incorrect.

    D2 =SOM(C2*G2%)

    You could use
    D2 = C2*G2/100

    In this case it will also give the wrong result since C2 (which you expect is 100, for excel it is 0 (zero)).


    Edit

    C2 =B2+LOOKUP(B2,Sheet2!$Q$2:$Q$5000,Sheet2!$R$2:$R$5400)+7.95+((C2)*2.7%)+0.3+D2-F2+E2

    You refering to you own cell, which we advise not to do, since it creates an 'iterative calculations'
    Last edited by oeldere; 07-19-2020 at 04:20 AM.
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    Re: Calculating Tax Percentage

    Hi, thank you for your advise, I can change to D2 = C2*G2/100 but it is working now with good results. I still need to add the Tax Percentage. Any help with this?

  13. #13
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    Re: Calculating Tax Percentage

    D2 = (c2*g2/100)-10%

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