0
Yes, collecting sales taxes over the web can be challenging due to varying tax laws across different jurisdictions. Each state or region may have different rates, exemptions, and regulations, making compliance complex for online sellers. Additionally, the need for accurate tracking of sales and the determination of the customer's location can complicate the process further. Many businesses utilize automated tax calculation tools to help manage these complexities efficiently.
What else can I help you with?
What Conservatives tend to favor over income taxes?
sales taxes
What is excess of sales over cost of goods sold?
Excess of sales over cost of goods sold (COGS) refers to the gross profit a company earns from its sales activities. It is calculated by subtracting COGS from total sales revenue. This figure reflects the profitability of a company's core operations before accounting for operating expenses, taxes, and other costs. A higher excess indicates better efficiency in generating profit from sales.
Does gross sales include sales tax?
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 Sales taxes are a collection you make for the State. It is funds entrusted to you by the State to be paid over to them. They are not part of your sales or receipts. (Gross income will be sales less cost of sales. This is before selling, general, administrative, interest and tax expenses are taken out.)
What is the term describe the excess of sales over costs of sales which is expressed as a percentage of net sales?
sales over costs of sales which is expressed as a percentage of net sales, is referred to as...
What is excess of sales over cost of goods?
Excess of sales over cost of goods, often referred to as gross profit, represents the difference between a company's revenue from sales and the direct costs associated with producing those goods. It is a key indicator of a business's financial health, showing how efficiently a company can generate profit from its sales activities. Gross profit does not account for operating expenses, taxes, or other costs, which are considered when calculating net profit.
What Conservatives tend to favor over income taxes?
sales taxes
Who is liable to collect excise?
The different taxes specify who collects and pays over (and who must do so if someone else didn't). In excise tax, generally it is on the ultimate buyer (like sales tax), but may be on the manufacturer or importer.
What is the sales tax in okay?
State Sales Tax: 4.5% (prescription drugs exempt); cities, towns and counties may levy local sales taxes. The county tax cannot exceed 2% but some cities have sales taxes over 4.25%.Go to the retirementliving com website and choose states and then Oklahoma
What was one advantage did the constitution have over the articles of confederation?
The federal government was able to collect taxes. (apex 2.4.2 test cst )
Why did the first Kahals form in the Jewish Communities?
The first Kahals formed in the Jewish communities during the 15th century to collect taxes. Kahals have been formed in Jewish communities since Biblical times, but in modern times they started appearing in the 15th century as a way to collect taxes. The non-Jewish authorities commanded the Jews to collect the required taxes within their own communities and hand it over to the local governments in a lump sum.
How many people collect stamps?
People from all parts of the world collect stamps. Kings and Queens and Presidents collect stamps. School kids can collect them too.
What is excess of sales over cost of goods sold?
Excess of sales over cost of goods sold (COGS) refers to the gross profit a company earns from its sales activities. It is calculated by subtracting COGS from total sales revenue. This figure reflects the profitability of a company's core operations before accounting for operating expenses, taxes, and other costs. A higher excess indicates better efficiency in generating profit from sales.
Do you have to pay taxes on internet purchases?
Short answer: Yes, your obligation to pay sales taxes for online purchases has nothing to do with where you bought them, only where you receive them. This is called "sales and use tax". You must pay EXACTLY the same tax on something whether you purchase it locally or have it delivered from somewhere else. If it's exempt locally, then it's exempt by mail order or internet order. If it's not exempt, you must still pay the use tax in the state where you live.It has nothing to do with "the feds". Sales tax law is completely state oriented.It also has little or nothing to do with whether the seller has the power to collect the taxes. If they DON'T collect the taxes, you still owe them. If they DO collect the taxes, then you can use that as a "credit" toward what you would have had to pay (e.g., they collect 5 percent, but your state required 8 percent, you would still owe 3 percent on goods delivered to your state).The below is simply wrong. It is absolutely entirely well defined. mailorder, phone order, internet, cross border, etc all of these have been around a long time. If the seller in the State your buying from does not have enough "nexus" to be or is not willingly lisc. in the State they are selling into they CANNOT collect sales tax for that State, (that is handling a trust fund unlicensed - not allowed). However, the sale is taxable - under the corresponding USE Tax laws each state has. The seller is obligated to pay the use tax. (There are issues like delivery and when title changes hands, etc., but the fact is - it is taxable to the buyer one way or another. Generally the Feds DO NOT have the authority (or interest) to make laws over State sales taxes).(Comment above) My understanding is that if you are purchasing over the internet from a store or person from a different state, then you do NOT have to pay sales taxes. If the seller is in state A and the buyer is in State B, then there is not a clear answer as to were the sale actually took place. I believe congress is in the process of trying to close these loop holes, but the party rages on until that day. I avoid buying form sellers within my own state for just that reason.AnswerSales Tax obviously. Oh man is this a can a worms!Presuming the item is taxable in the State where you took possessing and are using it, YES.Purchases on the internet, TV, mailorder, etc. do not in any way change the taxability of the item. Only who may have to collect the tax.If the business your buying from has enough of something called nexus (or business presence) in a State that it is required to collect sales taxes and be a licensed sales tax vendor - it must do so for any order delivered into that State. The fact you made your order over the internet (phone, mail, smoke signal, etc) instead of at the counter at their store down the street makes no difference. They must collect the tax and remit it to the proper tax authority.However, if the seller doesn't have to be licensed for sales tax in that State, it doesn't mean the item isn't taxable, just that the Vendor is NOT required to collect the tax. The burden of submission of the tax revenue is thus moved from the vendor to the buyer. It now becomes the obligation of the buyer, under the Use Tax part of "sales and use tax laws", to pay the tax to the State. Most states make a line on their income tax returns for people to do so, and if your a business buying from non licenced out of state vendors, you should already know the places to record this tax (and/or exempt documentation), all of which are audited regularly.So to answer the question simply, if you buy Online, Mail Order, etc... YOU are required by law to pay tax to your local agencies. The online vendor is not required to charge sales tax but you are required to pay it.
Why shouldn't people use windmills to collect wind energy from over the ocean?
They should. But the installations are much more expensive and more difficult to maintain.
When did the first Kahals form in the Jewish Communities?
Kahals have been formed in Jewish communities since Biblical times, but in modern times they started appearing in the 15th century as a way to collect taxes. The non-Jewish authorities commanded the Jews to collect the required taxes within their own communities and hand it over to the local governments in a lump sum.
Prospects of property taxation Nigeria?
Property taxation in developing countries including Nigeria is always very difficult to administer, enforce and collect. Property owners both individuals and businesses can easily avoid paying taxes because it is no well enforced. The local municipalities or government areas do not see property tax as a potential source of revenue, and they are limited with very little or no power to foreclose on properties for back taxes. It is not uncommon for a property owner to have unpaid back taxes for over 10 years.
What wast he daily life of a noble?
A daily life of a noble was to collect taxes and look over the lands of the king. A noble was reffered to as the kings assistant at times and was high in society.
