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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
Which US city has the highest sales tax?
Chicago at 10.25%
Lake Providence Louisiana a very small town 11%
What is Bond sale under Central sales tax act?
When goods are sold directly from Bond House to buyer by Bond House Authority is called Bond Sales. This sale is exempted of sales taxes.....
Manish Verma
Sales tax rate in Saratoga County NY?
You can use this NYS website to enter an address and get the correct tax rate and filing code.
http://www8.nystax.gov/STLR/stlrHome
Complete listing of Sales Tax rates by county is found here
http://www.tax.state.ny.us/pdf/publications/sales/pub718_808.pdf
c $93
11,238 x 1.06 = 11,912.28
The supply curve shifts upward because of the tax, so the equilibrium price increases, but the price the sellers receive decreases. Because the sellers' price decreases, the firms are making a loss, so some firms drop out of the market.
IF THE GOVERRNMENT PLACES A SALES TAX ON FIRMS IN A
MONOPOLISTICALLY COMPETITIVE INDUSTRY,
THE REACTION WOULD VARY
-with the nature of product
-with the nature of market factors
-with the high value/ low value of the products
-RATE OF THE THE SALES TAX.
etc.
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IF THE RATE OF THE SALES TAX WAS 2/3%,
IT WILL HAVE NO IMPACT .
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IF THE RATE OF THE SALES TAX WAS WAS 10/12 %,
IT WILL CREATE AN IMPACT ON THE MARKET.
-the sensitive customers will move over to the cheaper substitutes.
-the reduction in sales volumes will affect the channels/ resellers
as they will shift to other substitutes.
-the volume reduction will affect the productivity of the firms.
-the volume reduction will affect the unit production cost.
HENCE SUCH MARGINAL PLAYERS WILL CLOSE THE PRODUCTION UNIT.
ONLY LARGE VOLUME MANUFACTURERS CAN SUSTAIN
THE SALES AND MANAGE TO STAY IN THE MARKET.
This is the Federal Income Tax and FICA (Social Security) held in trust and to be paid by the employer, to the IRS. If this amount is not paid to the IRS, they can hold you personally responsible and therefore assess you with a CTFP (Civil Trust Fund Penalty). The IRS has the right to hold any persons of authority (in the company) accountable for the liability.
IRS form 941 is used to file your employers quarterly federal tax return for employment taxes. Most companies make monthly deposits to the IRS for their employment taxes. The 941 reconciles all the deposits made to the IRS during the quarter.
The amount paid includes not only the amount withheld for taxes from your employees, but also the matching FICA the company is required to pay to the IRS.
The IRS has a web site that will help you pay your deposits. It is EFTPS.gov. It allows you to make your deposits through bank drafts.
It is also a great idea to use a payroll tax company that can handle all of your tax filing requirements. This will ensure that the deposits and filings are correct and made on time and will keep you out of trouble with the IRS.
$11.28
Do you have to pay sales tax on sales tax?
Normally, you only pay sales tax on the retail price of an item as calculated after most discounts (but not all) have been applied. In many states, this is calculated before shipping and sometimes labor charges are added to the invoice.
There are a few rare cases where sales tax could be applied on top of another tax similar to a sales tax, such as with the excise tax in Hawaii or the GST tax in VAT tax being applied after the GST tax in Quebec and Prince Edward Island, Canada.
I suppose other instances of sales tax on top of sales tax could happen if you, for instance, purchased a car stereo, paid sales tax on it, and then paid a taxable labor charge that was based on the price of the stereo to have it installed. This scenario is not common however.
Its just another way for the Government to receive a spending tax, re GST ( government spending tax )
What is 6 percent sales taxs on 3950?
$3950.00 x 0.06 = $237.00
3950 + 237 = 4187 (Total including tax)
Why do auto parts stores keep the sales tax they charge on core charges in Massacusetts?
"core charges" are viewed as a trade in and Massachusetts General law and sales tax law has no language on trade ins, other than relating to motor vehicles
I understand I can receive a refund of the NJ sales tax once I produce a Bill of Lading from the shipper. I need to get further information about this procedure. many thanks.
In 1921, West Virginia became the first US state to enact a sales tax. Georgia passed legislation enacting a sales tax in 1929. 11 other states enacted sales taxes in 1933 alone. By 1940, at least 30 states had a sales tax. Currently, 45 of the 50 U.S. states levy a sales and use tax against purchases. Alaska, Delaware, Montana, New Hampshire, and Oregon are the exceptions.
see link for more information
You are a Oregon resident buying a car in Washington Do you owe Washington sales tax?
No. However, be sure to have proof of Oregon residency (a drivers' license should do) when buying the car so the dealership can prove that you were not required to pay sales tax.
Should a non profit charge sales tax on items it sells as a fund raise?
Remeber that sales tax is a state by state tax so rules vary. Most states will require the same sales tax charged by nonprofits that is charged by for profits. Otherwise, the competition is not fair.
