How do I extract sales tax from a given figure into a new cell?

G

Guest

I am creating a spreadsheet to show how much sales tax I need to repay
myself. I own a business and am trying to create a spreadsheet to show my
full deposit and it will break down the sales tax paid with that deposit. I
am unable to come up with a formula to do this.

Help!
 
N

N Harkawat

say you deposited 107 and the sales tax rate is 7% then

=107/1.07

will give you the sales tax portion of your deposit

If your deposit is in cell A1 then
=A1/1.07


I
 
G

Guest

I think N Harkawat made a typo, the sales tax amount for a deposit with 7%
sales tax included would be

=Deposit-Deposit/(1+7%)

Regards,

Peo Sjoblom
 

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