Sales Tax Calculator
Our sales tax calculator can help you perfectly find out the amount of sales tax that you will have to pay on a particular amount at a given tax rate. It can also tell you the final price that you will have to pay including the sales tax as well.
Before getting into the details of exactly how this sales tax calculator works, lets first check out what exactly sales tax is.
How Description
When you say the term sales tax you are basically referring to the amount that you will be paying to the government on sales of particular services or goods. According to the laws, it's usually the seller that collects the sales tax from consumers who purchase a product from them. The phenomenon is actively pursued in most of the countries around the world. Some countries refer to it as value added tax or VAT. In other countries, the prices listed for particular items are not inclusive of the tax and it is added to listed price at the time of purchase. Other countries list final value after inclusion of the tax price. In EU countries, the rate of sales tax ranges between 15-27 percent. However, in the US, the tax rate remains anywhere between 0-15.5 percent based on type of the product and the state you are buying it in.
In the US, sales tax is often deductible at the time of tax return filing. You can either claim state & local sales taxes or state & local income taxes. If the receipts were saved by you all through the year, the total sales tax amount can be added up and claimed accordingly. But if that's not the case, you can still be able to claim these sales taxes. It is possible for you to fill in the worksheet while using optional GST tables in Instructions. Or, you can use the sales tax calculator from IRS for the same.
How It Works
Combing back to our sales tax calculator, you may be wondering how exactly it works. Well, there are three fields and you have to enter the value in any two of them. Whatever value you don't know, the calculator will calculate it and show you the correct result.
For instance, keep it simple, if you know the before tax price of an item and the sales tax rate applicable on the sale, then you can enter these two values in their respective fields and our sales tax calculator will show you the final price that you will have to pay after applying the sales tax.
But if you have the before sales tax price and the final price after the inclusion of sales tax, and you don't know exactly how much sales tax was applied then you can use our calculator to find out the tax percentage at which you are charged the sales tax.
For instance, keep it simple, if you know the before tax price of an item and the sales tax rate applicable on the sale, then you can enter these two values in their respective fields and our sales tax calculator will show you the final price that you will have to pay after applying the sales tax.
This sales tax calculator can turn out to be quite handy if you want to know any of these three values. And, as we have just mentioned, using the calculator is pretty straightforward as well and doesn't require you to understand anything technical. So, just use it and find out whatever you need to know related to sales tax.