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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
Do you have to charge sales tax on the merchandise you sell in a home business?
Whether you need to collect sales tax depends on where you and your customer is located. If your customers are in the same state as the physical location of your business, they owe sales tax on items.
If you are shipping merchandise to a state where your business does not have a location, you will not need to collect sales tax.
Taxes are good because without taxes, the government wouldn't be able to pay the armed forces
Why people prefer only DA Payment terms?
Isn't it the bank is fully aware of the order is under certain # days of D/A so you will have the first priority to collect the payment before the account holder. This is how the payment term document against acceptance stands.
What percentage is Minnesota sales tax?
The state had a rate of 6.875% when this was posted but cities add additional rates on top. 'Sources and related links' below has current rates per city.
How do you make a fake w2 tax form?
Making fake W2 forms will get you nowhere. Businesses report income to the IRS so there is really no point in faking these and defrauding the IRS is highly illegal.
If you are self-employed, you can use a service or prepare W2s yourself.
What is the sales tax for Cook County Illinois?
It was 8.25% at the time of this post. See 'Sources and related links' below for the current rate.
Does the state of Ohio have sales tax on cars?
Like virtually all States Ohio does too. The rate varies county to county.
Do you pay sales tax at the car dealership when you buy a used car or do you have to go to the dmv?
As with any sales business, the car dealer must collect the sales tax.
Do foreigners pay sales taxes?
Yes, They sometimes get confused because in many other countries they have something called VAT, which is not charged on exports.
When buying a truck can you use your DOT Number for Sales Tax Exemption?
Nope. Sales tax is a State level tax, DOT is federal and has nothing to do with sales tax. Your purchase is taxable in almost all States, pretty much regardless of your sales tax registration or not. A car dealer can normally only accept a resale/exempt sale certificate from another dealer specifying he is buying it for resale.
When wct tax is deducted either on advance payment or on booking of invoice?
on the book of invoice...
If Denise paid 50.64 for a dress after 5.5 sales tax what was the original price of the dress?
$48
To figure any sales tax question out, simply divide the final price by decimal percent + 1. To change percent to decimal move the decimal of the percent two spaces left. In this case 5.5% is 0.055 in decimal. 0.055 + 1 = 1.055. 50.64/1.055 = 48
What kind of tax is a sales tax?
It is an indirect tax.
It is a tax levied on the sale of goods and merchandise. In many countries tax on sale of goods and tax on services is integrated into one tax called GST or Goods and Services Tax
What is the sales tax rate for North Carolina?
Go to 'Sources and related links' below to find the current rate per city. At the time of this post, in most counties, the sales tax rate is 7.75%. Some counties have different rates: 8% in Alexander, Catawba, Cumberland, Duplin, Haywood, Hertford, Lee, Martin, New Hanover, Onslow, Pitt, Randolph, Robeson, Rowan, Sampson, Surry and Wilkes Counties
8.25% in Mecklenburg County
Create a Sales journal entries with sales tax?
When you sell a product or when you buy something? Here's the answer for both situations:
For a sale:
Debit.......... cash or A/R
Credit......... Revenue
Credit......... Sales Tax payable.
Then, when you pay the tax to the state:
Debit........... Sales tax payable
Credit.......... cash
If it's a purchase, you don't have to record sales tax separately unless you want to. If you're capitalizing an asset, it's included in the capitalized amount. But if it's a straight expense, and you want to post the sales tax, this would be the entry:
Debit........ expense account (say, for example, office expense)
Debit........ sales tax
Credit....... cash or A/P
What is the difference between sales tax and value added tax?
Sales tax is a consumer tax charged on a retail purchase only, as a percentage of the total value of goods or services.
The Value Added Tax is a form of indirect tax that is imposed at the different stages of production of goods and services. The tax is paid at each step of the distribution, from manufacturer to distributor to warehouser to retailer to customer. The company or agent is taxed on the difference between their cost and their resale price.
If you owe back sales tax can you deduct payment of these taxes or its penalties or interest?
For personal income tax, sales tax under some recent rule changes, you can take either the sales tax or the state income tax paid as a deduction...one or the other (for federal tax purposes)...almost always, the income tax one is better. (The whole idea was to give a tax deduction to those people living in States that don't have an income tax and rely on a sales tax). Also, if you have a business that is part of your personal return, sales tax may be part of the business expense (Sched C) and you get to take it there - basically as part of the cost of business purchases. (Hence if this is for sales tax on your personal boat purchase or such, it would not be deductible anyway). If your a corporation, it is part of business expense, cost of goods, or the related fixed assets, as appropriate. (Sect 179 expensing may be applicable too). Generally, fines and penalties are never deductible anywhere...as bad for puiblic policy. Interest expense is only applicable in the business settings.
Is there a difference if you should add sales tax before subtracting the discount price?
It depends, if the discount is a percentage such as 10% or 5% off, then it won't make a difference. For example, a meal at a restaurant costs $10. Tax is 5%. You use a 10% coupon. If you do tax first, it becomes $10.50. Take 10% off and it becomes $9.45. If you do the discount first, you take 10% off of 10 and it becomes $9. You then add the 5% tax and the total is $9.45 again. Now, if the discount is something like $3 off or $10 off, then it will matter. You have to take the discount off first or the tax becomes messed up. Using the same example again, your meal costs $10. Your tax is still 5%. Except this time, you have a $2 off coupon not a 10% off coupon. If you take the tax first, your total becomes $10.50. You then subtract the $2 and it becomes $8.50. If you take the discount first, then meal becomes $8. You add the 5% tax to the $8 and it becomes $8.40. So even though the difference is pretty small, there is still is a difference.
