Tax Calculations

These equations illustrate how the system calculated the taxable amounts:

Billing Line	(Net Amt) × (Tax Rate) = (Taxable Amt)
001	2,000.00 × 0.035 = 70.00
002	1,000.00 × 0.035 = 35.00

These equations illustrate how the system calculated the deferred tax amounts:

Billing Line	(Tax Amt) × (Retainage percent) = (Deferred Tax)
001	70.00 × 0.10 = 7.00
002	35.00 × 0.10 = 3.50

These equations illustrate how the system calculated the current tax amounts:

Billing Line	(Tax Amt) - (Deferred Amt) = (Tax Amt Current)
001	70.00 – 7.00 = 63.00
002	35.00 – 3.50 = 31.50