Best Tax Software

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income tax formula

How do I find what the sales tax amount is if I only have a total sales amount?.

I'm trying to finish my Income Tax. I have a total sales amount but I'm trying to figure out what the Sales Tax amount is. I need the formula.

You have to have more information than you have given. The formula is:
(Item Price)x(100%)x(sales tax percentage) = total

If you know the item price and the total, you would set it up as follows:
(item price)(x)=(total)
x=total/item price.
In other words, if you know that the item was $50, but your total after tax was $53, and you want to know the percentage of tax, you would do the following:
$50(x)=$53
x=$53/$50
x=1.06 - in this case, the sales tax is 6%. The 1 shows that you paid 100% of the sales price, and the .06 shows the tax.
However, if you are doing your income tax return, you either use the actual amounts paid from your receipts OR the amounts shown in the sales tax tables. there should be no reason for you to be trying to figure out the percentage on your own. Feel free to e-mail if you need additional help

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Tax Formula Part 2

Is there a simple way to figure out self-employed income taxes?.

I need to find a SIMPLE way to figure out taxes if I am self-employeed. For federal, state & SSI. Is it too much to ask to find a place that just gives you the formula's and definations for all three? I know my local tax is a flat rate % so I'm not concerned about that. I got more confussed than ever when I "googled" self employment. Thanks for whatever help you can give. All I want to do is babysit for a friend & do some freelance writing so I need to a program for my taxes.

Federal self employment taxes are calculated as follows:

Net Income from Self Employment
X .9235
X .153
= Self Employment Tax

The computation gets more complicated if your net profit plus wages exceeds around $90,000 or so (not sure of exact amount). If your income is nowhere near $90,000, then the above formula will work for you.