Find the net amount based on the tax charged

[Flipchick]

I am in an area where only certain items are taxed. I am trying to determine what the net amount of the taxable items based on the tax charged.
So, The gross is $100.00 the tax rate is 7% for a tax of $7.00 meaning the net is $93.00

However ,not all of the items were taxable. I only paid $1.60 in taxes and I am trying to find a formula that will calculate the net cost of the items that were taxable
tax rate 7% taxes $1.60 What is the net?

TYIA

 

[etaf]

gross = amount tax/percent tax
= 1.6/0.07
=22.86 gross
net = 22.86 - 1,6

is that what you mean ?

 

[Flipchick]

gross = amount tax/percent tax
= 1.6/0.07
=22.86 gross
net = 22.86 - 1,6

is that what you mean

 

[etaf]

how does that not give you the net - i'm not following , you may need to give another example

The gross is $100.00 the tax rate is 7% for a tax of $7.00 meaning the net is $93.00

therefore

7/0.07 = 100
net = 100 - 7
93

gross = amount tax/percent tax
= 1.6/0.07
=22.86 gross
net = 22.86 - 1,6

 

[Flipchick]

I do not think so, let me see if that works

 

[Flipchick]

how does that not give you the net - i'm not following , you may need to give another example


therefore

7/0.07 = 100
net = 100 - 7
93

I have a gross of $100.00 The tax rate is 7% if tax was charged on the full amount the tax would be $7.00 and the net would be $93.00 However, not all items are taxable. Only $1.60 in tax was charged. I am trying to determine what the net amount of the taxable items. IE, I can determine the net amount was $22.90 by inputting various amounts. But I am trying to find a formula that will tell me the net amount by entering the tax only

 

[etaf]

i'm not understand so, not helping here - sorry , i thought that was what i was doing in the example
if not all items are taxable - then there are the NET amount as well as gross
25 not tax
25 tax at 7%
25 not taxed
25 tax at 7 %
tax paid is
50 * 7% = 3.50

so if you only know 3.5 & 7%
then the gross would be 3.5/0.07 = 50
and the net of that would be 50 - 3.5
BUT you would have NOidea what the non tax items would be could be £1 , £1,000,000 or £1,000,000,000,000 etc etc , if you are not told any other details

however another member may understand an help - sorry i cannot help

 

[Flipchick]

i'm not understand so, not helping here - sorry , i thought that was what i was doing in the example
if not all items are taxable - then there are the NET amount as well as gross
25 not tax
25 tax at 7%
25 not taxed
25 tax at 7 %
tax paid is
50 * 7% = 3.50

so if you only know 3.5 & 7%
then the gross would be 3.5/0.07 = 50
and the net of that would be 50 - 3.5
BUT you would have NOidea what the non tax items would be could be £1 , £1,000,000 or £1,000,000,000,000 etc etc , if you are not told any other details

however another member may understand an help - sorry i canno

Thank you. This worked Apparently my brain was not engaged at all yesterday.

 

[smozgur]

Thank you. This worked Apparently my brain was not engaged at all yesterday.

The marked solution has been changed accordingly. In your future questions, please mark the post as the solution that actually answered your question, instead of your feedback message as it will help future readers. No further action is required for this thread.

 

[etaf]

you are welcome