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Sales Tax
Sales tax is a consumption tax levied upon purchase of a particular service or goods. The taxable amount is determined after applying the percentage rate to the taxable price of the goods or service.
3,209 Questions
A tax on gasoline is a what tax?
Gasoline taxes are se taxesalso known as manufacturer's excise taxes are taxes mposed by all levels of government on producers, manufacturers and importers of goods and activities. Taxes on goods are usually passed on to the consumer as the normal cost of doing business
What is the sales tax rate on used cars in Minnesota?
The rate varies by location of purchase. See 'Sources and related links' below for the current rate.
Shop without paying sales tax in US?
However, regardless of where you buy something, if it is taxable in your state of residence and you bring it into that state or have it delivered in that state, then you still owe sales and use tax on that purchase, just as if you had purchased it from a local retailer. Some states make it easy to comply with this requirement by allowing you to file an annual return and sales and use tax payment with your annual income taxes. Other states require you to pay the sales and use taxes within a very short time of your out-of-state purchase.
Failure to pay sales or use taxes on things you bought out of state is a form of tax evasion, which is a crime.
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You purchase a shirt for 8.50there is a 6 percent sales tax your total cost will be?
The total tax is $0.51 and the total price with tax is $9.01.
What is the total cost of a pair of jeans that are priced 50.00 if there is 7 percent sales tax?
The total tax is $3.50 and the total price with tax is $53.50.
What is the sales tax in pa on a 13000 dollar car?
Pennsylvania has a sales tax of 6%. Therefore a $13,000 purchase would have a sales tax of $780.
Steps: $13000*.06=$780
What is sales tax on gold bullion in New Jersey?
NJ charges sales/use tax on purchase of gold bullion. The rate is 7%. So, essentially, if you are purchasing gold bullion as an investment in NJ, 7% of the investment is lost off the top. This is in addition to capital gains taxes when you sell the gold. Add in that the dealer spread of perhaps 5-10%, and you pretty much lose 17% off the top in addition to capital gains tax losses. However, NY does not charge sales tax on gold bullion. A NJ resident can drive to NY, buy gold there, and store it in a safety deposit box in NY, so that the gold is neither bought nor stored (and therefore used) in NJ. Legally, then, no sales or use tax needs to be paid to NJ in this case.
In new york state why are sales tax charged for labor when you take your car in for service?
New York has an incredible number of social projects that must be paid for. They cost money. Sales tax helps keep these social services alive.
How much sales tax will you pay on a new car purchased in California?
State is now 8% but it could be more depending on where you buy it. Different cities/counties add to the basic tax. Some places are nearly 10%. Our registration fees have now doubled too, so if you get a new car think of that. My Pruis will now run me 250.00 for a 5 year old car this is up from the 174.00 I paid this year.
A purchase is exempt (excused) from sales tax if the item/s will be re-sold. If a purchase is made for consumption (for personal use) sales tax needs to be paid.
How do you journalize a sales tax payable?
Since you are using a "payable" account we do "not" touch cash until the actual payment is made. We however still know we need a debit and a credit for this transcation. To put this in our journal we will
Debit Sales Tax Expense (check your company for exact account name)
Credit Sales Tax Payable (again check your company for account name)
Once you pay your taxes then you have to adjust these entries to reflect payment. In order to do that, we again use two accounts, this time however we do not touch Sales Tax Expense, it must stay there until we close our out books, we do however have to show that the payable has now become paid and that we no longer have that amount of cash on hand. This transaction will be adjusted in the journal as
Debit Sales Tax Payable (to zero out this account or adjust it accordingly)
Credit Cash (to show we no longer have that amount of cash on hand)
Are sales taxes important to state income?
Yes, in states which have a sales tax, it is a very important source of revenue.
