Sunday, December 11, 2011

What formula do I use to figure total sales tax and net sales from my gross sales?

I have a small business, my markup is 40% over cost on each item I sell, then I also add and include 6.5% sales tax to my prices. How can I find the total sales tax, net sales and profit from my gross sales of the day, without going back and counting every item I sold that day and figuring my markups individually.What formula do I use to figure total sales tax and net sales from my gross sales?
check with your state website they usually have any form, furmulas needed for figuring taxes for businesses for federal you can check the irs website

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