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+--- Thread: (12C) Calculate the Amount of Sales Tax (/thread-18647.html)
(12C) Calculate the Amount of Sales Tax - Gamo - 08-08-2022 06:40 AM
Find this article interesting about
"How do I calculate the amount of sales tax that is included in total receipts?"
Here is the link: https://www.accountingcoach.com/blog/calculate-sales-tax
Some calculator do have the specific TAX function to calculate TAX+ and TAX-
This article ask on how to calculate the TAX- to find the amount not include tax
with tax amount.
On HP-12C Financial Calculator doesn't have the TAX- function but
the TVM function will do this problem just fine.
I'll use the example problem from this article to shown on how to set up.
Total included Tax is $481.50
Tax Rate is 7%
Find Total not include Tax and Tax amount.
Set Up Data:
Input 1 to [ n ] // this part just to always input 1
Input 7 to [ i ] // this is for your Tax Rate in this case is 7
Input 481.50 to [FV]
To Run Press [PV] and the answer is -450 just ignore the negative sign
Press [RCL] [FV] [+] and the answer is 31.50
So Amount not include Tax is $450 and Tax amount is $31.50
To check for correction add both up 450 + 31.50 = 481.50
The [PV] is for Amount not include tax (Exclusive Tax)
The [FV] is for Amount include tax (Inclusive Tax)
So user can either look for Exclusive or Inclusive Tax with this TVM function.
Remark:
I think someone might just think oh this is just a simple tax calculations.
I know in this case one can just divide the Amount include tax with 1.07 and
will get quicker answer right? ( 481.50 ÷ 1.07 = 450 )
That right but with this handy TVM function it is much quicker once the data
is already input on [n] and [i] user just input amount either at [PV] or [FV] in
either case will help user do it much faster when doing lot of tax related calculations.
RE: (12C) Calculate the Amount of Sales Tax - Pälzer - 08-09-2022 09:10 AM
Thank you Gama for the thread.
I use HP-17bII and HP 19bII among others in the office.
PV and FV works here too.
e.g.
Input [PV[ (= net)
Press [FV] (= gross)
Press [+] (= tax)
saves even 2 keystrokes compared to HP-12c
(translated)