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What is sales tax?

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Money Talk > Taxes

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chrisgayle
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The purpose of a sales tax audit is to examine the business records of a vendor in order to determine if the appropriate amounts of sales tax revenue have been collected from the customer by the seller and remitted to the vendorís state. The records reviewed during an audit often include: Sales Tax Returns, Worksheets and Canceled Checks, Federal Income Tax Returns NYS Corporation Tax Returns, General Ledger, General Journal and Closing Entries, Sales Invoices, Exemption Documents Supporting Non-taxable Sales, Charts of Accounts and many more.
Post Fri Jul 15, 2011 6:50 am
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prioritytaxgroup
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Sales taxes are levied by many cities, counties and states at varying rates. Most provide specific exemptions, as for certain classes of merchandise or particular groups of customers. Service businesses are often exempt altogether. Contact your state and/or local revenue offices for information on the law for your area so that you can adapt your bookkeeping to the requirements.
Post Fri Aug 22, 2014 11:03 am
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prioritytaxgroup
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As a result of specific exemptions, some transactions are free of tax (and we'll outline those scenarios below). However, we hope the title above will help to dispel that still-popular e-commerce myth that all internet transactions are tax-free. (That's simply not the case.) Sales (and use) tax rules apply regardless of business model, business size or order method - on-line transactions included. The magic is in understanding the rules and working within them! This is a primer on some of those sales and use tax basics.
Post Sat Sep 20, 2014 7:11 am
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Wino
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quote:
Originally posted by prioritytaxgroup
As a result of specific exemptions, some transactions are free of tax (and we'll outline those scenarios below). However, we hope the title above will help to dispel that still-popular e-commerce myth that all internet transactions are tax-free. (That's simply not the case.) Sales (and use) tax rules apply regardless of business model, business size or order method - on-line transactions included. The magic is in understanding the rules and working within them! This is a primer on some of those sales and use tax basics.

Are you just a 'bot? Your answers look like poor cut-and-paste excerpts from articles elsewhere.
Post Sat Sep 20, 2014 12:02 pm
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stockbrokers
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Thank you for posting this information.....about Taxes....



What your stock broker doesnít want you to see.
Post Mon Sep 29, 2014 3:38 am
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Bradford
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The sales tax is imposed on retail transactions. It applies to all retail sales of tangible personal property, and in some states services, in the state.
Post Wed Feb 25, 2015 3:49 pm
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losangelescpa
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Sales Tax is the Tax which is collected by the Government on roods and services by the retailer.It is collected in two ways.First Tax Charged separately on the basis tax paid purchase and tax payable on sales ,Secondly tax is collected and charged on the aggregate value of the tax payable on sale and purchase.
Post Wed May 06, 2015 4:20 am
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john-t
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Re: What is sales tax?  Reply with quote  

quote:
Originally posted by infotaxsquare
Sales tax is imposed on all retail sales, leases and rentals of most goods, as well as taxable services. In other words a sales tax is a tax on the end-purchase of a good, so it normally does not apply if a sale is for re-sale or for subsequent processing. Sales tax normally a certain percentage that is added onto the price of a good or service that is purchased.

Your sales tax responsibilities as a new business owner, whether you start a business or buy an existing business, will vary depending on the type of organization or entity you operate. Besides state level, estimation of sales tax is also done on municipal or county levels. Payment of state sales tax depends on your sales and your state's regulations.

Normally it is the consumers who are burdened with sales tax. The re-sellers on the other hand, are exempted from sales tax, provided they do not use the goods on which sales tax is levied.




That is true, but its more in a socialist political system that, taxes are bundled to gether and redistributed to different programs, in a capitalistic system the tax is very specific road taxes comes from car owners and road users.
Point being taxes usage depends on the political system in the current country,
Post Fri Mar 03, 2017 10:37 am
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john-t
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quote:
Originally posted by ed2009
I think California has the highest sales tax in the nation. 9.5%

This State is the worst ive been of all the STates i have lived.


Most countries in EU, have a VAT taxes of 25% cali tax's is penny`s compared to that.
But if you really wanna avoid that, book a ticket to Canada and cancel it, with international destinations you can shop tax free at airports.
Post Fri Mar 03, 2017 10:39 am
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chiragpatel
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Thanks for sharing this information. Please have any more information, let you add the information and keep update ourselves.
Post Tue Mar 21, 2017 3:01 pm
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