Ask Experts Questions for FREE Help !
Ask
    melissajack's Avatar
    melissajack Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 24, 2012, 09:39 AM
    Sales Tax vs. Gross Sales Numbers
    How do I take out sales tax from gross sales?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Feb 24, 2012, 06:07 PM
    sales tax can be expressed as a percentage of gross sales so if sales tax is 10% then gross sales =110% of untaxed sales Thus Gross Sales/110x100 = Net Sales
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How we make journal entries of input sales tax and output sales tax? [ 1 Answers ]

Sales tax has 3 terms No. 1- input tax 2. Output tax & 3 net Tax If the company has purchased materials from within the State that tax given is considered as input tax and if Company has sold materials within the state or outside the State and charged the tax rate then it considered as output...

Sales tax payable and the sales tax deduction in journal entry? [ 0 Answers ]

Sales tax payable and the sales tax deduction in journal entry? How to do the transaction? Thank you.

When filing a business tax return as a travel agent are all gross sales considered sa [ 1 Answers ]

When filing a business tax return as a travel agent are all gross sales considered sales of services substantially performed in other states?

Recorded cash and credit card sales, $5430, plus sales tax, $325.80: total, $5755.80 [ 1 Answers ]

Journalize

Does gross sales include sales tax? [ 2 Answers ]

Because sales tax from a restaurant passes through to the state do I include it on my income statement and then write it off as an expense? Or do I leave it off both sides (income and expense). Which is the more correct way to handle it?

View more questions Search