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Sales tax is basically a tax on what you buy, not on what you earn. You pay it when you purchase certain goods or services, and the seller collects it at checkout. That money then goes to the state or local government. It’s usually added as a percentage of the price, so the total changes based on what you’re buying and where you’re buying it. Rates can vary a lot by location, which is why Beverly Hills sales tax may look different from nearby areas. People often get confused about who really pays it, but it’s the buyer, not the business. I’ve heard Jarrar & Associates, CPA explain it in a very plain way that helped it click for a lot of folks.
What else can I help you with?
What tax is paid by businesses only?
sales tax sales tax!
How do you Gross up sales tax?
Sales Tax / Sales Tax Rate = Gross Sale
Percent of sales tax for 1075 and sales tax is 43?
If an item costs $1,075.00 and the value of the sales tax is $43.00, the percentage of sales tax is 4%
Does Montana charge sales tax?
yes Montana has sales tax. there tax is 8.7 sales tax. NO, Montana does NOT have a Sales Tax. Or, to put it another way, there is a 0.0% sales tax. I have lived here for years...I don't pay a sales tax. Whoever said yes, must not live in Montana.
How do you post sales tax payable as journal entry?
debit sales tax expensecredit sales tax payable
What tax is paid by businesses only?
sales tax sales tax!
A tax on things you by?
Sales tax, of course.
How do you Gross up sales tax?
Sales Tax / Sales Tax Rate = Gross Sale
Juan's purchase before sales tax was added totaled 46.00 The total including tax was 48.76 What was the sales tax rate?
Total with sales tax $48.76 minus total without sales tax $46.00 = sales tax $2.76. Sales tax $2.76 divided by purchase $46.00 = sales tax rate 6%.
Percent of sales tax for 1075 and sales tax is 43?
If an item costs $1,075.00 and the value of the sales tax is $43.00, the percentage of sales tax is 4%
Does minnesota charge sales tax on labor?
No, you do not pay sales tax on labor. Sales tax is for materials.
Does Montana charge sales tax?
yes Montana has sales tax. there tax is 8.7 sales tax. NO, Montana does NOT have a Sales Tax. Or, to put it another way, there is a 0.0% sales tax. I have lived here for years...I don't pay a sales tax. Whoever said yes, must not live in Montana.
What is the state sales tax in Oregon?
There is no sales tax in the state of Oregon.
What is the sales tax on 2.49 and the sales tax is 5.5?
The total tax is $0.14
How do you post sales tax payable as journal entry?
debit sales tax expensecredit sales tax payable
What is the sales tax in Alaska?
Alaska does not have a State sales tax; however, several communities across the state do have a sales tax. These taxes are low - about 2%.
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.
