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what is the formula for sales tax. Multiply the result from step one by the tax rate to get the dollars of tax. Tax 20000 times 005 1000 dollars.
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To calculate sales tax of an item simply multiply the cost of the item by the tax rate. Finally divide the gross price by the sales tax rate plus. For example you may have a local tax or an additional tax on specific items.
The cost with tax is 20000 1000 21000.
Customers must be charged a sales tax on some sales transactions if the seller has nexus in the territory of the government entity that charges the tax. In the condition you can figure out the sales tax as follows. Sales taxes are deductible but there are limitations. For example a customer who bought 1000 worth of products will pay more sales tax than a customer who bought 100 worth of products.
