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Sales tax is a consumption tax imposed by governments on the sale of goods and services, typically calculated as a percentage of the purchase price. The rate and applicability of sales tax can vary significantly by jurisdiction, with some states or countries exempting certain items, such as food or clothing. Businesses are responsible for collecting and remitting the sales tax to the government, and failure to comply can lead to penalties. Ultimately, sales tax affects consumers by increasing the total cost of purchases.
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Which of these statements about state sales tax is not true?
which statement regarding state income tax is not true
When companies pay the government collected sales tax sales taxes payable is credited and cash is debited true or false?
True. When companies pay the government the collected sales tax, they credit the "Sales Taxes Payable" account, which reduces the liability, and they debit the "Cash" account to reflect the outflow of cash. This transaction effectively transfers the sales tax liability to the government.
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
When a business sells an item and collects a state sales tax on it a current liability arises?
true.
Which of these statements about state sales tax is not true?
which statement regarding state income tax is not true
When companies pay the government collected sales tax sales taxes payable is credited and cash is debited true or false?
True. When companies pay the government the collected sales tax, they credit the "Sales Taxes Payable" account, which reduces the liability, and they debit the "Cash" account to reflect the outflow of cash. This transaction effectively transfers the sales tax liability to the government.
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%.
When a business sells an item and collects a state sales tax on it a current liability arises?
true.
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
