0
Tax adds to the price while discounts deduct from it.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
How is a tip similar to and different from sales tax?
a tip goes to a waiter a tax goes to the gonverment and a tip is a percent so is a sales tax
Does net sales include sales tax?
No, net sales do not include tax. It is the total amount of company sales after the deduction of returns, damaged goods and any discounts.
How is a sales tax similar to a flat tax?
Both sales tax and flat tax are a fixed percentage.
How do you calculate gross sales?
NET SALES: Gross sales minus returns, discounts, and allowances. GROSS SALES: Total invoice value of sales, before deducting for customer discounts, allowances, or return.No. The sales tax is posted as a credit to the Sales Tax Payable Account. So, if you had a $100 sale plus $5 sales tax, you would debit cash $105, credit Sales $100 and credit Sales Tax Payable $5...
Does net cost include sales tax?
Net cost does not include sales tax. The net cost of an item is the cost of the item after any discounts or returns and before any tax.
How is sales tax you may pay similar to or different from the stamp act?
The answer is that everything that you buy has tax on top of it. Thats why it says sales tax. This is one similar reason.
How is a tip similar to and different from sales tax?
a tip goes to a waiter a tax goes to the gonverment and a tip is a percent so is a sales tax
Does net sales include sales tax?
No, net sales do not include tax. It is the total amount of company sales after the deduction of returns, damaged goods and any discounts.
How is a sales tax similar to a flat tax?
Both sales tax and flat tax are a fixed percentage.
How do you calculate gross sales?
NET SALES: Gross sales minus returns, discounts, and allowances. GROSS SALES: Total invoice value of sales, before deducting for customer discounts, allowances, or return.No. The sales tax is posted as a credit to the Sales Tax Payable Account. So, if you had a $100 sale plus $5 sales tax, you would debit cash $105, credit Sales $100 and credit Sales Tax Payable $5...
Does net cost include sales tax?
Net cost does not include sales tax. The net cost of an item is the cost of the item after any discounts or returns and before any tax.
How do you solve a problem of sales tax and discounts?
(Note: Using A Calculator Helps) For tax, let's say something is $25, and the sales tax is 7%, you could do 25 times (multiply) 7%, you get $1.75, now add $1.75 to $25. For discounts it is a little different. If you have something that is $75, and the discount is 20% off, you would do $75 times (multiply) 20%, you get $15, now subtract $15 from $75 and then calculate the tax.
Do you have to pay sales tax on sales tax?
Normally, you only pay sales tax on the retail price of an item as calculated after most discounts (but not all) have been applied. In many states, this is calculated before shipping and sometimes labor charges are added to the invoice. There are a few rare cases where sales tax could be applied on top of another tax similar to a sales tax, such as with the excise tax in Hawaii or the GST tax in VAT tax being applied after the GST tax in Quebec and Prince Edward Island, Canada. I suppose other instances of sales tax on top of sales tax could happen if you, for instance, purchased a car stereo, paid sales tax on it, and then paid a taxable labor charge that was based on the price of the stereo to have it installed. This scenario is not common however.
What is 29.99 plus tax?
29.99 would probably be 33.29 ? The above answer is based on a 11 % sales tax rate. Since different states have different tax rates, the answer could be different. See LINK below for a sales tax calculator.
What will your sales tax be on 5200.00?
it depends on what state you are buying the car and registering it in. all states have different sales tax percentages.
If the price of an automobile including sales tax is 2729.50 What is the amount of the sales tax?
It depends on the sales tax rate, which varies by state. If the sales tax rate is 6%, the vehicle costs 2,575 and the sales tax is 154.50 If the sales tax rate is different, divide 2729.50 by (1+the rate expressed as a decimal). Then, multiply that answer by the sales tax rate. 2729.50 divided by 1.06 = 2,575. then, 2,575 x .06 = 154.50
What is sales tax on 269.00?
Tax rate is different in different places. Since you did not share where you are shopping, there is no way to answer you question.
