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Do you have to charge sales tax on the merchandise you sell in a home business?
Whether you need to collect sales tax depends on where you and your customer is located. If your customers are in the same state as the physical location of your business, they owe sales tax on items. If you are shipping merchandise to a state where your business does not have a location, you will not need to collect sales tax.
Sales tax is a tax of?
Merchandise bought in state some states don't charge you Sales Tax but most do. Oregon for example doesn't.
What is tax recoverable?
A recoverable tax is exactly how it sounds. It is money that can be recovered from the sales of your merchandise.
If you spent 68000 dollarss on various merchandise and services and there was a 6 percent sales tax included in that amount how much money did you pay in sales tax?
The total sales tax was $4,080.00
What is the sales tax rate for peoria county Illinois?
Although the "Tax Rate Finder" application apparently is not up-to-date or working currently, by navigating the Illinois Dept of Revenue website, all rates can be found. http://tax.illinois.gov/Publications/Sales/ As of 2009, the sales tax rate is as follows: Food tax (state): 1% General merchandise (state): 6.25% General merchandise (county): 0.25% General merchandise (city): 1.5% This makes the general merchandise tax total 8%. A local option sales tax was passed for the county in 2009, which will increase the county sales tax rate by 0.25% in 2010 for up to 20 years. This will cause the local general merchandise tax to be 8.25%.
When merchandise is sold for 500 dollars plus 5 percent sales tax the Sales account should be credited for 525 dollars?
Journal entry is as follows: [Debit] Cash 525 [Credit] Sales 500 [Credit] Sales tax payable 25
What kind of tax is a sales tax?
It is an indirect tax.It is a tax levied on the sale of goods and merchandise. In many countries tax on sale of goods and tax on services is integrated into one tax called GST or Goods and Services Tax
What is the sales tax in Chicago IL?
Sales Tax to General Merchandise is 9.50 %, Hot food ready to eat 10.50 % hot food ready to eat and actually eating in 10.75%. Food is 2.25 % and Soda is 3% .
Merchandise is sold for cash The selling price of the merchandise is 3000 and the sale is subject to a 7 state sales tax The journal entry to record the sale would include?
A debit to Cash for $3,000.
How can you calculate 15 percent sales tax?
15% can also be written as 0.15 in decimal form. Multiply the decimal form to the exact cost of the merchandise being purchased, and the result is how much sales tax you'll be paying on top of your purchase. Ex. I'm buying a sweater that costs $20.99. How much is 15% sales tax? 20.99 x 0.15 = 3.15 The sales tax is $3.15
Oregon resident buys merchandise out of state do you they have to pay sales tax?
No, just show proof of residency of Oregon and you are set to go! They do how ever charge sales tax on food "services" and other "services" like oil change and other "services".
How much do car dealers charge on sales tax on a used cars?
Each state and many counties have their own sales tax rate. The tax on used cars is most often at the same rate as general merchandise. That rate is easy to find out -- it is posted in most store and is available online in most counties. Several states have no sales tax. These include New Hampshire and Oregon.
