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Sales tax tokens were made in great quantities starting in 1935 in order to give change for sales taxes. Sales tax resulted in the final price of items having fractions of a cent. For example, purchase of a $1.25 item, taxed at 3%, would cost $1.2875, or $1.28 and 3/4c. What to do? Rounding up to $1.29 would result in a "unfair" profit to the seller of 1/4c, but rounding down would be unfair to the seller by reducing the profit by 3/4c. The solution was to provide tokens denominated in fractions of a cent, or "mills" (1 mill = 1/1000 of a dollar, or 1/10 of a cent). So in the above example, the customer would pay $1.29 and receive 2.5 mills in tax tokens as change. If the next purchase came to $3.4325, the customer could pay $3.43 plus the 2.5 mills in tax tokens. As you can imagine, people did not like having to carry a second set of coins, and to further complicate matters, different states issued different tax tokens. The use of tax tokens declined and was finally discontinued in 1961, and people basically decided not to worry about fractions of a cent.
What else can I help you with?
Can you charge sales tax on labor in Oklahoma?
Do you charge sales tax on labor in Oklahoma
Live in Texas work in Oklahoma do you have to pay Oklahoma Income Tax?
yes
Do you pay sales tax on coins in Oklahoma?
In Oklahoma, sales tax generally does not apply to the purchase of coins and currency that are considered legal tender. However, if the coins are being sold as collectibles or for their numismatic value, sales tax may be applicable. It's important to check specific local regulations or consult with a tax professional for detailed guidance on any transactions involving coins.
How do I check the status of my state tax?
“How do I check the status of my state tax?”
You live in Oklahoma and will be working in California for a while do you have to pay California state income taxes and Oklahoma taxes also?
Yes this can happen you will have to file your resident state income tax return and your nonresident state income tax return.
Is there a sales tax on a used car in Oklahoma?
What is the sales tax on used cars in Oklahoma
What is the budget of Oklahoma Tax Commission?
The budget of Oklahoma Tax Commission is 140,000,000 dollars.
Can you charge sales tax on labor in Oklahoma?
Do you charge sales tax on labor in Oklahoma
The value of an old coin with Oklahoma consumer's tax check written on it?
The 5's are bronze and the 1's are white metal you can buy them for around 4 or 5 dollars so a dealer will pay around 1 or 2 dollars.
What are the Oklahoma sales tax rates?
See 'Sources and related links' below for Oklahoma sales tax rates.
Where do i mail my quarterly federal tax return for Oklahoma?
Oklahoma State Tax Refund Status Information - OnLine Taxes. Simply call (405) 521-3160 or in-state toll free (800) 522-8165, extension 13160 and select the option to Check the status of an income tax refund
Car sales tax in Oklahoma?
The tax is depending on the purchase price. The sales tax for new cars is 3.25%, and for used cars, the tax is $20.00 for the first $1500.00 and 3.25% on the remainder of the sale price.
Live in Texas work in Oklahoma do you have to pay Oklahoma Income Tax?
yes
How long to get a duplicate title in Oklahoma?
Download the form http://www.tax.ok.gov/mvforms/701-7.pdf Print it, fill it out, have it notarized, and submit it in person at a tag agency with a check for $11 or by mail to a tag agency with a check for $12 made out to "Oklahoma Tax Commission."
Does Oklahoma require an inheritance tax waiver?
no
What is the value of a Consumer's Tax Token Oklahoma for old age assistance?
Consumer's Tax Tokens from Oklahoma were issued during the Great Depression era and were used to pay state sales tax. Today, these tokens are considered collectibles and their value can vary depending on factors such as condition, rarity, and demand. For a specific value related to old age assistance, it is recommended to consult with a professional appraiser or check online auction sites for recent sales data.
How do you calculate tax tag and title for a new car in Oklahoma?
sales excise tax , title, tag, for 2012 Fiat 500 in Oklahoma
