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Sales taxes are due from a purchaser based on a percentage of the price of items purchased at retail. They are collected and remitted to the state by a merchant either monthly, quarterly or annually in most states.
Business Taxes (often called Corporate taxes) are due from a company to the state or federal entity based upon different factors including company size, location, special incentive deals, number of employees, annual sales and more.
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How do you Gross up sales tax?
Sales Tax / Sales Tax Rate = Gross Sale
Is sales tax paid for business equipment capitalized or depreciated?
Normally, purchases for supplies and equipment used in the business (not for re-sale) are subject to sales tax. Could vary by state.AnswerI think you meant to ask if the sales tax was expensed or capitalized. Any sales tax paid on equipment is considered to be part of the cost of the asset. Therefore its both capitalized and depreciated.
What are Tax implication of high sea sale?
In HIGH SEA SALE THERE WILL NO SALES TAX IS CHARGES SINCE THE SALE IS CARRIED OUTSIDE THE TERRITORIAL JURISDICTION OF INDIA THERE WILL NOT BE SALES TAX LEVIED IN INDIA.
Why current account required in business?
1.To get payment in the name of the business Firm. 2.Required by the sales Tax department when we apply for TIN NO.
What is sales tax on auto?
Whatever percent of a dollar the sales tax for your state is, multiply that by the sale price for the amount of sales tax owed. example: sales tax = 5 cents on the dollar or .05 the sale price is $10,000.00 .05x10,000=$500.00
What is the Arkansas sale tax rate?
6% sales tax
Need the answer why is sales tax a liability to a business?
When a business collects Sales Tax, it owes it to the Sales tax collecting authority. Sales tax that has been collected but not paid to the Sales Tax collecting authority should be carried on the books as a liability.
What is the sales tax of a car in Missouri?
As of January 2008, the state sales tax rate in Missouri is 4.255%. Multiply the vehicle price by the tax rate to obtain the total being charged. If the sale is from a private party that is not a business, the seller will not collect sales tax, but the buyer will pay the tax when the car is licensed.
What is the difference between sales tax and vat?
Sales Tax is a tax charged on Sale of any item whereas VAT is value added tax charged on both sale & purchase.
What is sales tax and why it is paid?
sale tax is a tax on sale of goods it is levied for the revenue purpose to the state government
Do you pay sales tax when buying a home in Iowa?
In my state there is no sales tax on a home sale.
Is sales tax required if vehicle donated by friend?
In many states (and maybe all) sales tax is only charged if there is a sale -- the exchange of something for something. A gift is not a sale, so no sales tax is required.
