Using the Sales tax rate formula ,
The sales tax rate of an item is 8% (in percentage).
Sales tax : Sales Tax is defined as a tax on the sale, transfer, or exchange of a taxable item or service. Sales tax generally applies on the sale to the end user or ultimate consumer. Sales tax is generally added to the sales price and is charged to the purchaser.
formula :
When written out, the equation,
Sales tax rate = Sales tax percent / 100.
Sales tax = List price x Sales tax rate
We have given that,
An item cost price before tax = $460
sales tax = $36.80
we have to calculate sales tax rate in percentage form .
Using the above formula of sales tax rate,
Sales tax rate= sales tax /list price
=> Sales tax rate =$36.80/$460
=> Sales tax rate = $0.08
=>Sales tax rate = 8%
Hence, sales tax rate is 8% .
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