Tax Calculation Problem?

Question

I have a gross profit of $1200.00 How do I figure out what the tax is so that I can get my net profit and the correct tax dollar amount? The tax rate is 7.375%

Answer 1

you're either not giving enough info or this is a really simple problem.

1200 x .07375= 88.5

1200-88.5= 1111.5 net