Any time you see a % sign it means "out of 100." So basically, put whatever percent you have over 100 to make it a fraction.
ex. 46% = 46/100
Simplify by dividing both the numerator and denominator by the same number.
This number will be the Greatest Common Factor (GCF) of the two numbers.
Here, the GCF is 2, because
46 = 2 x 23
100 = 2 x 2 x 5 x 5
Dividing by 2, you get the result 23/50 (simplest form)
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