tax time in spungie land

[DaSpungie]

HI

I used to be able to do this but math 11 is better that 27 years ago

in the great land of canada we got the gst

at present it is 5%

 

now the question is how do I figure the tax amount and the pretax amount from just having the after tax amount on a receipt ?

ei. x+5%=20.67

i need to know x

 

see some wise people up here just let their machine pump out reciepts but do not give the break down.

and this could mean up to $100-200 buck for good old spungie

as well as paying less tax and keeping more of the gst I collect through my business.

 

So please all you smart engineers and closet rocket scientist could you help a poor guy out

[Rambler 1-1]

After tax price/1.05 = cost of item before tax. (with GST at 5%), because the tax is 5%, ie 0.05 of the price, and so the price with tax = price x 1.05.

 

Rocket scientist? smart engineer? HA. try "Grade 10 math stooge".

Edited February 17, 2009 by Rambler 1-1

[+Fates]

120.50

.05 ×

--------------------------

6.025 =

 

120.50 +

--------------------------

126.525 =

 

1.05 ÷

--------------------------

120.5 =

[DaSpungie]

ya tried all those sulutions

 

closest i get is after tax total x.95237 = before tax amount before tax subtracted from total = amount of tax

i get within 2 cents on 1300 dollars

 

the take 5% off and then add iot back leaves an error of 6 cents per 20 dollars

adds up in a hurry

 

thanks for the help

[Rangerdog]

One way to look at it:

 

i.e. x+5%=20.67

 

means 105% of some amount (math-heads have to call it "x") is 20.67

 

dividing 20.67 by 105 = .1969 (or 1/105th of 20.67)

 

Multiply .1969 by 100 = 19.69 (we have "solved for x")

 

Subtract 19.69 from 20.67 = .98 tax

 

as a check, divide .98 tax by 19.69 price = .04977 (pretty close to 5%)

 

It would be a snap to set up an excel spreadsheet and let "Bill" do the work.

Edited February 19, 2009 by Rangerdog