Not Financial Advice: Figuring out percentages is pretty simple once you know what percent means. Percent means a portion of something divided into 100 pieces, or X/100.
In your case you want 8%, so we do the math 8/100, and we get 0.08 as the answer.
Now that we have actual numbers with which to work, 8% of $700 is calculated as 0.08 * 700, which is 56.
So the sales tax on the item is $56, and when we add that to the item's cost ($700 + $56) we get $756.00 as the total.
This online sales tax calculator can give out the before tax price, sale tax rate, and the final price value.
A sales tax is a consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale, collected by the retailer and passed on to the government. A business is liable for sales taxes in a given jurisdiction if it has a nexus there, which can be a brick-and-mortar location, an employee, an affiliate, or some other presence, depending on the laws in that jurisdiction.
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