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Say you paid $21 for an item that had a 20% discount and a sales tax of 5%. RP = regular prince = to be determined DR = discount rate = 20% = 0.2 DP = discounted price = (100% - DR) x RP = (1.00 - DR) x RP STR = sales tax rate = 5% = 0.05 PP = purchase price = $21 $21 = DP + (STR x DP) = DP + 0.05DP = 1.05DP $21 = 1.05DP $21/1.05 = DP DP = $21/1.05 DP = $20 DISCOUNTED PRICE DP = $20 = (1.00 - 0.20) x RP (1.00 - 0.20) x RP = $20 (0.80) x RP = $20 0.8RP = $20 RP = $20/0.8 RP = $25 REGULAR PRICE
What else can I help you with?
What is the formula for purchase price?
The purchase price formula can be expressed as: Purchase Price = Cost Price + Markup. In retail, it may also include factors such as discounts or taxes, leading to the formula: Purchase Price = (Cost Price + Markup) - Discounts + Taxes. This formula helps determine the final price a buyer pays for a product or service.
What is the definition of base price in math?
It means the price, before applying taxes, discounts, or other things that might change the final price for the customer.
If a price is 1500 and the sales taxes 5 percent what is the total cost?
The total with sales tax is 1,575.00
Do gross sales include taxes?
Yes, gross sales typically include taxes. Gross sales refer to the total revenue generated from sales before any deductions, such as returns, discounts, or allowances, and this figure often encompasses sales tax collected from customers. However, for specific financial reporting or analysis, businesses may choose to report net sales, which exclude sales taxes and other deductions.
How much is taxes on a new car in Oklahoma?
Exise tax is 3.25% of the retail sale price. No sales taxes.
HOW DO you RECOrd sales discount?
Sales discounts are being recorded apart from the invoices and are written in the sales activity report. Recording the sales discount quick and properly ensures accurate documentation for handling taxes and revenues of business owners.
I paid 90.40 How much was the product before 8 percent taxes?
sales price = 90.40 / 1 + 8% sales price = 90.40 / 1.08 sales price = 83.70 the #1 is the figurative element that was taken the 8% tax out
Do you pay taxes when buying a tractor?
It depends on the state you live in. If your state has sales tax, you would pay them on the sales price.
What is the total cost of a CD player with a selling price of 150.?
It would be $150.00 + any applicable sales taxes. If it were ordered online it would be $150.00 + applicable sales taxes + shipping & handling + insurance.
Is sales tax built into sticker price of used car?
No, sales tax is not built into the sticker price of a used car in the US. Taxes are included in some other countries.
Do you pay sales tax in Michigan on purchase price of used car or the MSRP?
You would pay the taxes on the actual price you paid for the car. If it was 10000 then you would pay the taxes on that not the list price. Hope this helps
How is sales tax calculated?
This depends on where you are. There is no Federal sales tax, but there are state and local taxes in some places. Usually it is a percentage of the purchase price.
