First, price + tax = total is not 100 + 11% = 111. Note that 11% = 0.11 .
It is price * (1+tax) = total
So total / (1+tax) = price
Calculating income tax in reverse
Reverse Inclusive Calculator for Restaurant Sales
Excel reverse calculation
Help with Reverse sales tax Formula Calculator
How do you set up formulas in Excel for GST calculations?
How do you reverse calculate GST in Excel?
Why use Excel for GST calculations?
Videos
Hello,
I have a question regarding building a calculator and I just can’t wrap my mind around it.
I work for a restaurant and we do inclusive menus. If it were just tax inclusive, it’d be a lot easier to determine, but it’s inclusive of 4 things:
-
subtotal (sales)
-
admin fee (3% of subtotal)
-
tax (8% applied to subtotal and admin)
-
gratuity (18% of subtotal)
Admin fee is based off of the subtotal and taxed, and the subtotal is obviously taxed.
Example: $96.72 is subtotal of one menu, admin fee for this is $2.90, tax comes out to $7.97, and gratuity comes out to $17.41 to reach an inclusive price of $125.00.
I want to be able to change my tax rates, pop the number I’m trying to get to into the sheet, and have it tell me what my subtotal needs to be. (We have multiple menus at different prices and maybe different tax rates from different counties and states).
Any help would be much appreciated. I’m just struggling to wrap my head around this.
Thank you!