any workaround for the not being able to create a formula field from another formula field (i.e....custom field 3 = custom formula field 1 X custom formula field 2)

That’s the method I’ve seen used. Create custom field on record for the two formulas, and then operate on them in the saved search. I haven’t seen anything better.

Combine the formulas?

custom field 1 already has a formula, i want to make a second custom field that a does ....(custom field #1 * 8.9% sales tax)

You need to copy the actual formula from the first custom field and include it in the second custom field's formula

{{custcol_bit_purchase_price}*{adjustqtyby}}*{{8.9%}} first two are from the custom field 1, just need to multiple it by 8.9% for the second custom field