For example say a customer purchases 150 of taxable goods in a Chicago store and the tax rate for Chicago is 1025 percent. The millage rate is the amount per 1000 of. The formula in G5 is.
The millage is 182230 and 182230 is the amount for every 1000 dollars.
JavaScript helps your to calculate the before and after tax prices for purchases. Just enter 182230 in the field that says to enter the tax rate. - Discount is calculated on selling price excluding taxes. Divide 5 mills by 1000 to get 0005.