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Sales tax is a consumption tax levied on the sale of goods and services, typically calculated as a percentage of the purchase price. It is collected by retailers at the point of sale and remitted to the government. The basis of sales tax is the final sale price paid by the consumer, excluding certain exemptions like food or medicine, depending on the jurisdiction. This tax is used to generate revenue for local, state, and sometimes federal governments.
What else can I help you with?
What phrase best describes the basis of income tax?
Which phrase best describes the basis of seals taxes
Is the FL Accrual Basis or Cash Basis with Sales Tax?
cash basis
Which type of tax is calculated on a per-item basis?
An excise tax or sales tax is calculated on a per-item basis
What tax are you most likely to pay on a regular basis?
sales tax
Which describes a sales tax?
Percentage charged on the purchase of goods.
What phrase best describes the basis of income tax?
Which phrase best describes the basis of seals taxes
Is the FL Accrual Basis or Cash Basis with Sales Tax?
cash basis
Which type of tax is calculated on a per-item basis?
An excise tax or sales tax is calculated on a per-item basis
Which type of tax is calculated on per item basis?
An excise tax or sales tax is calculated on a per-item basis
What tax are you most likely to pay on a regular basis?
sales tax
What describes an excise tax?
types of sales tax initially paid by the wholesaler
What best describes the reason personal income tax and the sales tax were introduced in the states throughout the 1930s and 1940s?
To fund New Deal social programs
Which describes a sales tax?
Percentage charged on the purchase of goods.
Which of these describes a use tax?
type of sales tax imposed on goods purchased from another state A+
When should a business send the collected sales tax to the government?
A business should send the collected sales tax to the government according to the schedule set by the tax authorities, typically on a monthly or quarterly basis.
What describes a sales tax?
A sales tax is a consumption tax imposed by the government on the sale of goods and services. It is typically calculated as a percentage of the purchase price and collected by retailers at the point of sale. The revenue generated from sales tax is used to fund various public services and infrastructure. The rate and application of sales tax can vary widely between jurisdictions.
What time of tax is calculated on a per item basis?
The tax calculated on a per item basis is typically sales tax. This tax is applied to the sale of goods and services, where a specific percentage is added to the price of each item sold. The rate may vary by jurisdiction and can depend on the type of item being sold. Sales tax is collected by the seller at the point of sale and remitted to the government.
