You can use either approach. What is the formula that's giving you problems? Do note that you're liable to see '!Syntax Error' in the mailmerge main document unless you're previewing the output and, even then, you may continue to see such errors until you complete the merge.
To see how to do this a wide range of calculations in Word, check out my Microsoft Word Field Maths Tutorial, at:
That's as simple as a formula field coded as:
{={MERGEFIELD Total}-{MERGEFIELD TotalTax} \# ",0.00;(,0.00)"}
or:
{={MERGEFIELD Total}+{MERGEFIELD TotalTax} \# ",0.00;(,0.00)"}
depending on whether TotalTax is a +ve or -ve value.
Note: The field brace pairs (i.e. '{ }') for the above example are all created in the document itself, via Ctrl-F9 (Cmd-F9 on a Mac or, if you’re using a laptop, you might need to use Ctrl-Fn-F9); you can't simply type them (which is what you've done in some cases in your document) or copy & paste them from this message. The spaces represented in the field constructions are all required.
You can probably also lose all the \* MERGEFORMAT switches in your mailmerge main document - they're unlikely to be contributing anything other than clutter.
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