atVenu calculates tax on Settlements against the Total Gross Sales as follows:
Tax = Gross Sales - (Gross Sales / (1 + Tax Rate))
Let's say we have an item with a sale price of $100 and the tax rate is 9.25%. In this case, the calculation would look like this:
Tax = 100 - (100 / 1.0925)
Tax = 100 - 91.5331808
Tax = $8.47
Please Note: atVenu does not withhold or remit taxes on your behalf. Taxes are the responsibility of Artist or Venue/Festival who is retaining them
For more information about tax calculations, please see the attached PDF below.