Tax Rates are used on Product Lines.
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To see this you will need to select the Menu option: Setup > Products > Tax codes

To create a new Tax Code click

In the popup that shows you will need to add a Tax Code which is the name of the Tax option you have created, a Description that can go into more detail and then the Tax Rate itself.

The Tax Rate can include decimals.

Should you want to delete a Tax Rate, you will need to select it from the list and then in the popup that shows you can select the Delete option.

Here is an example of how it will look on an order -