Reverse Calculate Price Without 5% Sales Tax Rate Out of USD 517 (Dollars) Price With Tax Included. Find Price Before Tax and the Amount of the Sales Tax

Initial entered data:

Sales tax rate: 5%;
Price with sales tax: $517 dollars;

Brief answer:

Price without sales tax ≈ $492.38 dollars;
Amount of sales tax ≈ $24.62 dollars;
(Rounded to a maximum of 2 decimals)


Detailed calculations below.

Detailed answer:

1. Rewrite 'Price with sales tax'.

Replace the 'Amount of sales tax' in the ecuation of 'Price with sales tax':

Formula:

Amount of sales tax =


Sales tax rate × Price without sales tax;


Formula:

Price with sales tax =


Price without sales tax + Amount of sales tax =


Price without sales tax + (Sales tax rate × Price without sales tax) =


Price without sales tax × (1 + Sales tax rate);


2. Calculate the 'Price without sales tax':

Formula:

Price with sales tax =


Price without sales tax × (1 + Sales tax rate)


=>

Formula:

Price without sales tax =


Price with sales tax ÷ (1 + Sales tax rate)


Calculation:

Price without sales tax =


517 ÷ (1 + 5%) =


517 ÷ (1 + 5/100) =


517 ÷ (1 + 5 ÷ 100) =


517 ÷ (1 + 0.05) =


517 ÷ 1.05 ≈


492.380952380952 ≈


492.38
(Rounded to a maximum of 2 decimals)


3. Calculate the 'Amount of sales tax':

Formula:

Amount of sales tax =


Price with sales tax - Price without sales tax


Calculation:

Amount of sales tax =


517 - 492.380952380952 =


24.619047619048 ≈


24.62
(Rounded to a maximum of 2 decimals)


Answer:
Price without sales tax ≈ $492.38 dollars;
Amount of sales tax ≈ $24.62 dollars;


Signs: % percent, ÷ divide, × multiply, = equal, / fraction bar, ≈ approximately equal;

Writing numbers: point '.' as a decimal mark;

More operations of this kind:

<< Reverse calculate 5% sales tax out of the final price of $516 dollars <<


>> Reverse calculate 5% sales tax out of the final price of $518 dollars >>

Reverse Calculate the Sales Tax, Calculate the Amount of Contained Tax

Price without the sales tax = Price with the sales tax ÷ (1 + Sales tax rate%)

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Sales Tax Amount and Sales Tax Rate

What is the "Sales Tax"? What is the "Sales Tax Rate"?

  • The Sales Tax is a consumption tax imposed by states, counties or/and cities and municipalities in the United States on the sale of goods and services.
  • The sales tax is paid by the final consumer to the retailer at the point of sale as a percentage of the selling price of the sold good or service.
  • This percentage, called the Sales Tax Rate, varies from state to state, in Texas for example there is a general sales tax rate of around 6.25%.

Formulas: How to reverse calculate the Sales Tax and the Selling Price Without the Sales Tax out of the Final Sales Tax Charged Price?

  • "Sales tax amount" = "Sales tax rate%" × "Price without sales tax"
  • "Sales tax charged price"
    • = "Price without sales tax" + "Sales tax amount"
    • = "Price without sales tax" + "Sales tax rate%" × "Price without sales tax"
    • = "Price without sales tax" × (1 + "Sales tax rate%")
  • In conclusion:
  • "Price without sales tax" = "Sales tax charged price" ÷ (1 + "Sales tax rate%")

Example of reverse calculating the Sales Tax and the List Selling Price out of the Final Price with the tax

  • Let's say that a person who lives in an area where the sales tax rate is 5% bought some cider and had to pay a total of a $525 dollar bill that included the sales tax.
  • "Price without sales tax"
    • = "Sales tax charged price" ÷ (1 + "Sales tax rate%")
    • = $525 ÷ (1 + 5%)
    • = $525 ÷ (1 + 5/100)
    • = $525 ÷ (1 + 0.05)
    • = $525 ÷ 1.05
    • = $500 dollars.
  • That person had to pay a "Sales tax amount"
    • = "Sales tax charged price" - "Price without sales tax"
    • = $525 - $500
    • = $25 dollars.

Read the full article: How to Reverse Calculate Sales Tax Out of The Final Price (With Tax, After Tax)


Sales Tax: What is it and How to Add it (Charge it) to the Listed Selling Prices (Before Tax)