I did a bit of reading on this once as family and mates would keep asking me.
You'd never guess but there are a lot of different ways that people use (go figure)!
The minusing of the various g's and dividing will get you in the ballpark. I played around with a few formulas until I found one that I liked, maybe because it gave slightly higher percentages without being way out of the ballpark like some I've seen.
Anyways, here's mine...
(OG-FG)/1000)*127.5
This is the basic one.
I also factor in a little for grams of sugar per litre used for priming...I got these figures from somewhere, I think it was an old thread on the aussie homebrewer digest or whatever it was called.
+(IF(g/l = 6,0.18,g/l=7,0.23,g/l==8,0.3,0.35))
I can't vouch for the accuracy but it seems to work OK. The milds come out mild and the strong beers come out strong abv wise...