If 2.75 % tax is included in my 5000.00 purchase how do I figure out how much tax I paid?

Question

I made a purchase for 5000.00 and the 2.75 % tax was included in the 5000.00 total.  How do I figure out the actual amount of taxes included?

Answer 1

Let x be your purchase price with no taxes, that is the original price for the products before paying off your sales tax.

now,

2.75% * x = your tax amount

your tax amount + original product's price = 5000 ( given in the question) Therefore,

 

2.75% * x + x = 5000

 

solving for x:

 

(0.0275+1) x = 5000 ( by taking x as a common factor)

1.0275 x = 5000

x = $ 4866.18

so, your actual amount price for the products without paying taxes is $4866.18

I hope that helps!

Bader