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Sales tax must be paid on the purchase of tangible personal property and certain services, depending on state and local laws. Typically, businesses collect sales tax from customers at the point of sale and then remit it to the tax authorities. Use tax applies when goods are purchased out of state or online without sales tax being collected, requiring the buyer to report and pay the tax directly to their state. Both taxes are essential for funding public services and infrastructure.
What else can I help you with?
What tax is paid by businesses only?
sales tax sales tax!
In Ohio who has to pay sales tax accelerated payments?
Accelerated payments are due from anyone in Ohio who collect more than $75,000 in sales tax per calendar year. The payments must be made by EFT, and 75 percent of the anticipated sales tax must be paid in advance.
What type of tax is the sales tax?
A sales tax is a consumption tax, usually paid by the consumer at the point of purchase. For A+ answer is regressive
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.
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's the percentage of sales tax for business that must be paid?
The percentage of sales tax that must be paid by businesses varies from state to state. Contact your state revenue department for more information.
What tax is paid by businesses only?
sales tax sales tax!
Do you have to pay sales tax if you buy a used car from a private owner in Illinois?
Yes, in Illinois, you are required to pay sales tax when purchasing a used car from a private owner. The tax is based on the sale price of the vehicle, and it must be paid when you register the car with the Illinois Secretary of State. It's important to keep documentation of the sale and the amount paid for tax purposes.
Do you have to pay sales tax if you buy a used car and export it from US?
If you buy a used car in a state that has sales tax, you'll have to pay tax on it before you can take possession of the car. Whether you intend to export it or drive it around he town where you bought it, tax is part of the purchases process and must be paid.
What is an example of a tax on consumption?
An example of a tax on consumption would be a sales tax. A sales tax is a tax paid for the sales of goods and services. A consumption tax, it is a tax on something used or "consumed." A sales tax is a good example. Europe has a value added tax which is the same idea.
What is a example of a tax on consumption?
An example of a tax on consumption would be a sales tax. A sales tax is a tax paid for the sales of goods and services. A consumption tax, it is a tax on something used or "consumed." A sales tax is a good example. Europe has a value added tax which is the same idea.
What is tax paid by customers?
sales tax
Where do you find out what you paid in sales tax on a used vehicle in Tennessee?
This information will be found on your Bill of Sale. It should show the vehicle purchased, VIN number, sales tax, and the total paid.
Used cars sales tax in New Jersey?
Yes, the purchase of a used vehicle is subject to NJ 7% sales tax, based on the purchase price of the car. The sales tax is paid when the vehicle is registered with NJMVC.
In Ohio who has to pay sales tax accelerated payments?
Accelerated payments are due from anyone in Ohio who collect more than $75,000 in sales tax per calendar year. The payments must be made by EFT, and 75 percent of the anticipated sales tax must be paid in advance.
Is sales tax paid on an auto when it is sold person to person?
Yes it is. Sales tax is paid when you transfer the vehicle ownership.
What type of tax is the sales tax?
A sales tax is a consumption tax, usually paid by the consumer at the point of purchase. For A+ answer is regressive
