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What else can I help you with?
Are local and sales tax the same thing?
They can signify the same thing ... sales tax is a tax on sales and includes all taxes, local, county, state and federal. Local tax generally refers to city or town tax.
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 tax is paid by businesses only?
sales tax sales tax!
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.
Should a non profit charge sales tax on items it sells as a fund raise?
Remeber that sales tax is a state by state tax so rules vary. Most states will require the same sales tax charged by nonprofits that is charged by for profits. Otherwise, the competition is not fair.
What is the gun sales tax for California?
Sales tax is the same as for food, clothing, etc.
Are local and sales tax the same thing?
They can signify the same thing ... sales tax is a tax on sales and includes all taxes, local, county, state and federal. Local tax generally refers to city or town tax.
Is the rate of sales tax the same in every state?
The sales tax rate are not the same in every state. It varies on what the state and local governments charge. If a business has a sales tax license, then they are allowed to charge it.
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.
How much is auto sales tax in New Mexico?
Multiple dealers have confirmed with me that the sales tax on automobiles is 3% in New Mexico. It is not the same as the general sales tax.
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 used car sales tax for Alabama?
The used sales tax for the state of Alabama on a used car is the same as a new car. 2.0% is the state sales tax. There is also city and county sales tax. This varies from each city and county.
What are some sources of revenue a business might generate?
sales interest lease tax
What does sales tax percent?
It is not the same in all places.
Texas sales tax used car purchased from a dealership?
I believe the sales tax is the same if you buy from a dealership or from an individual - $6.25%.
Describe how to find the cost of a purchase if you know the percent of the tax and the amount of the sales tax on the purchase?
take the amount of the sales tax and divide it by the percent of the tax... i was on that same question on my hw
