How can I find out what amount to charge, so i end up with the full amount of 122.50 with tax, which is 8%?

Question

need it for accounting program

Answer 1

rtfm has the correct answer, Chuck's is wrong.

The base amount needs to have 8% added to arrive at the total.  Chuck gives you 8% of the total, a different figure.

The correct answer is $122.50/1.08=$113.43, with tax of $9.07

Answer 2

You multiply 122.50 x .08 = 9.80

Subtract 122.50 - 9.80 = 112.70

Charge = $112.70

Tax 8% =     9.80

Total =    $122.50

Answer 3

If you want to get a total of $122.50 including the 8 percent tax, then that means 122.50 = 108 percent of the original price.

So just divide 122.50 by 1.08.