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The above, while perhaps a possible definition of EBT, is inaccurate. The financial accounting (GAAP) which EBT is one heading for, has NOTHING to do with determing taxable income under Tax Accounting. The person is also confusing taxable sales with the term income. Net Taxable Sales is generally used in the context of Sales Tax.
Gross sales = all possible receipts.
Exempt sales = receipts that weren't sales taxed (because the item isn't taxable
(say food), or the buyer was able to exempt it (as in purchases
for resale). This is subtracted from Gross.
Returns & Adjustments = adjustments, normally subrtractions, for return sales where
tax was refunded.
Brings you to net taxable sales = the amount of sales a tax was collected or is due on.
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∙ 16y ago
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Is beer and cigarettes sales taxable?
Normally they are taxable
Is net sales and and net income the same thing?
Net sales and Net Income are not of the same thing. Net sales is sales less its contra accounts (sales returns and allowances, sales discounts). On the other hand, net income or profit is net sales less the expenses.
What is the formula for net sales?
Formula for net sales is as follows: Net sales = Actual sales - sales returns and discount allowed
How do calculate net sales?
Net sales = Total sales - sales returns and discounts
What do you use to figure sales tax your gross sales or net sales?
Net Sales..
How is net sales calucultaed?
Net sales = Total sales - Sales returns and allowances
How to compute net sales?
How to compute net sales?"
What is net cost?
sales sales revenue minus net sales revenue
What is rate of return on net sales ratio?
Rate of Return on Net Sales = (Net Income) / (Total Sales)
What is the Georgia income tax rates?
It depends on the filing status. For 2007: Joint or Head of Household: Tax is computed at a graduated rate and is assessed in a range from one to five percent on the first $10,000 of net taxable income (total tax on first $10,000 of net taxable income is $340) plus six percent of the excess of net taxable income over $10,000. Single Return: One to five percent of the first $7,000 of net taxable income (total tax on the first $7,000 of net taxable income is $230) plus six percent of the excess of net taxable income over $7,000. Married Couple Filing Separate Return: One to five percent on the first $5,000 of net taxable income (total tax on the first $5,000 of net taxable income is $170) plus six percent of the excess of net taxable income over $5,000. http://www.etax.dor.ga.gov/taxguide/TSD_Tax_Guide_for_Georgia_Citizens_2007.pdf
What is the income tax rate in Georgia?
It depends on the filing status. For 2007: Joint or Head of Household: Tax is computed at a graduated rate and is assessed in a range from one to five percent on the first $10,000 of net taxable income (total tax on first $10,000 of net taxable income is $340) plus six percent of the excess of net taxable income over $10,000. Single Return: One to five percent of the first $7,000 of net taxable income (total tax on the first $7,000 of net taxable income is $230) plus six percent of the excess of net taxable income over $7,000. Married Couple Filing Separate Return: One to five percent on the first $5,000 of net taxable income (total tax on the first $5,000 of net taxable income is $170) plus six percent of the excess of net taxable income over $5,000. http://www.etax.dor.ga.gov/taxguide/TSD_Tax_Guide_for_Georgia_Citizens_2007.pdf
Net credit sales?
Is the same thing as Net Sales.
