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Sales taxes are a tax placed on a finished product. Sales taxes are generally exempt on raw materials or even on parts or materials that go into a product. The sales tax is owed on the finished product so that it will be at the highest amount. For instance, a company will not pay sales tax when they purchase steel to form the outside of a icebox, compressors imported to go into the icebox, the racks made in a nearby plant, or the plastic for interiors of the icebox. They are then all assembled and sold to retailers all over the country and no sales tax is paid on these sales. The final sale when you purchase it at the retail establishment is when the sales tax is calculated and paid.
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9 percent tax on a sales is an example of what type of tax?
excise tax
What is the tax on .89 cents?
The tax on $0.89 depends on the sales tax rate in your location. For example, if the sales tax rate is 7%, the tax would be approximately $0.06, bringing the total to about $0.95. Be sure to check the specific sales tax rate for your area to calculate the exact amount.
Tax on gasoline is an example of what type of tax?
Tax on gasoline is an example of an excise tax. Excise taxes are taxes on specific goods or services that are typically included in the price of the product and paid by the consumer, rather than collected separately. The purpose of an excise tax is usually to discourage the consumption of the taxed item or to raise revenue for the government
What type of tax is a sales tax on gasoline an example of?
A sales tax on gasoline is an example of an indirect tax. This type of tax is imposed on the sale of goods and services rather than directly on income or profit. Consumers typically pay this tax at the point of purchase, and it is usually included in the price of the gasoline. Indirect taxes can be passed on to consumers, making them a common way for governments to generate revenue.
What are use and sales taxe?
Sales tax is a tax paid to a business by another business or an individual when they buy something. For example, when someone buys groceries, they pay sales tax in addition to the purchase price. When businesses buy items that they do not directly use, but are involved in some way in doing business with their customers, they do not pay sales tax. If the item is sold, the customer pays sales tax. However, some businesses do not directly resell items they buy without paying sales tax on them. For example, a business that has service contracts would not charge their customer for the items provided as part of the service contracts. In that situation, the purchasing business pays a "use tax" on the items they purchase in order to deliver on the service contracts. The customer, who has the service contract, never sees a bill for the item(s) or the use tax paid for them.
What is an example of a tax on consumption?
An example of a tax on consumption would be a sales tax. A sales tax is a tax paid for the sales of goods and services. A consumption tax, it is a tax on something used or "consumed." A sales tax is a good example. Europe has a value added tax which is the same idea.
What is a example of a tax on consumption?
An example of a tax on consumption would be a sales tax. A sales tax is a tax paid for the sales of goods and services. A consumption tax, it is a tax on something used or "consumed." A sales tax is a good example. Europe has a value added tax which is the same idea.
Sales tax is an example of what kind of tax?
It's an example of blue tax
Sales tax on gasoline is what kind of tax?
a sales tax on gasoline is an example of what type of tax
Sales tax is an example of?
Sales tax is an example of an indirect tax. This is taxes that a consumer pays to someone else and then that other person pays the taxes to the government.
What type of tax is sales tax on gasoline an example of?
selective
9 percent tax on a sales is an example of what type of tax?
excise tax
what is the example of sales tax?
An example of sales tax is when a customer purchases a product at a store and pays an additional percentage of the product's price to the government as tax. This tax is collected by the seller and then remitted to the appropriate tax authority.
Your department store receipt says that you paid a 5% sales tax on sports equipment. This sales tax is an example of a _____.?
regressive tax
What are examples of indirect tax?
One example of indirect tax is Income Tax.
Which of the following is an example of a tax collected by the state of Georgia?
Sales tax is an example of a tax collected by the state of Georgia.
What if your department store receipt says you paid a 5 percent sales tax on sports equipment this sales tax is an example of?
It is a proportional tax.
