How to Calculate Sales Tax

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Part of the video series: How to Operate an Accounting Calculator

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Summary: Learn how to calculate sales tax with expert math tips in this free online accounting video clip.

Views: 1,661 | Tags: operate, work, math, accounting, calculator, calculators

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About the Expert

Joseph Salazar Joseph Salazar has been performing magic for almost his entire life. He became interested as a child after watching a movie about Harry Houdini, and began pr... read more

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Video Transcript

How to Calculate Sales Tax

Hi I'm Joe Salazar with Expert Village. I'm going to show you how to calculate sales tax on the accounting calculator. Before we begin using the accounting calculator, we want to make sure its turned on. We want to make sure that the rounding button is set where we want it. This one is set to round up at .5 down .4 or less. The decimal is set at 2 places. We want to set the tax rate. Push the button over to the rate set. We're going to make the taxes for our purposes .10 so the tax rate would be 10%. We already set the tax rate at 10%. Now let's make an entry of $8 and add the tax. Advance the tape so we can read it. It shows the $8 sale, the 8 cents tax for a total of $8.08. Suppose we want to refund this amount then we take $8.08 and we have to see how much of that was taxed by subtracting the tax. And the result is on the screen and on the tape.