The sales tax is around 98% per penny , so otherwords for every penny you must pay $400000.
Yes, a person does have to pay sales tax on a used car purchased from a private seller in Pennsylvania. The amount of tax is 6 percent of the sale price.
The tax on a used vehicle in Pennsylvania is 6 percent. The cost to transfer the title on a used car purchase is $22.50.
Yes you have to pay sale tax in California for the used car.
Yes, in Illinois, you are required to pay sales tax when purchasing a used car from a private owner. The tax is based on the sale price of the vehicle, and it must be paid when you register the car with the Illinois Secretary of State. It's important to keep documentation of the sale and the amount paid for tax purposes.
The total tax is $6.84 and the total price with tax is $120.84
You do if you want to register it.
== == The operative word here is SALES TAX. Which is collected when a car is SOLD. If you SOLD the car, then sales tax is due on that sale amount.
Legally he has to pay income tax on the net profit from the sale. It is income and therefore is taxable.
Profit on sale of old car comes under capital gain. You can save your tax to purchases a new car with in a year.
The buyer will pay the sales tax when they transfer the car into their name. The seller will pay property tax on the vehicle up untll the day the car is transfered into the buyers name. Transfer the car on the day of the sale.
In Arizona, the buyer pays the sales tax when purchasing a used car from a dealer. The dealer collects the tax at the time of sale and then remits it to the state. The sales tax rate is based on the total purchase price of the vehicle, and additional local taxes may apply depending on the location of the sale.
6%