Question about Retail Math
by Keisha
(Atl, GA)
A patient is at your store buying a glucose monitor. the item sells for $69.99. After tax their total is $75.94. what is the tax rate?
Reply (by Keith)
This is how you determine that:
75.94 ÷ 69.99 = 1.085
Then, whatever is after the decimal is your percentage. In this case it's 8.5%.
To check your answer, multiply the sale price by that rate and add it all up.
That would look like this :
69.99 X .085 = 5.95 (tax)
69.99 (Price)
+5.95 (Tax)
75.94 (Total)
This is also explained on the Percentage Math Page, about half way down the page. Look for "Markup Percentage Math".
