Find the sales tax and total cost of an espresso machine that costs $44.95. The tax rate is 6%. Betty jo bought a new car and the sales tax of 15% of the cost of her car was added to the purchase price of $39,000. how much was the sales tax?
To calculate your effective tax rate, find your total tax on your income tax return and divide it by your taxable income. Your effective tax rate is a good indicator of how well you’ve been managing your tax situation. It’s smart to calculate your effective tax rate each year to help...
Businesses that are based in states with destination-based sales tax sourcing are required to charge the sales tax rate at the customer’s “ship-to” or other destination-based address. As the business, you are required to charge the sales tax rates where your customer is located. Most stat...
Answer to: Suppose that the local sales tax rate is 6% and you purchase a car for $21,100. a. How much tax is paid? b. What is the car's total...
Sales tax is a percentage of a sale, so the amount of sales tax you owe will always be based on the sale price of the item you are purchasing or selling. Here are the steps to calculating sales tax: Determine the correct sales tax rate at the point of sale by researching each state...
To find out how much sales tax you paid when you know the total receipt, use the following formula: Total price / (1 + sales tax rate) So if you paid $63.75 at the checkout, the calculation would be 63.75/ 1.0625, or $60. The sticker price was $60, and you paid $63.75, so ...
Step 1—Collect your records Step 2—Find the right form Step 3—Fill out your form Click to expand Key Takeaways Before filling out any tax form to report your business income, gather all records—paper or electronic—that pertain to your business earnings and expenses. If you ru...
Do your research, and compare and contrast the advantages and disadvantages of the different business structures to find the right fit for you. A business lawyer can help advise you in this process, and the IRS’ guide to business structures can assist in evaluating tax implications. What are ...
That’s because if you hold these in a qualified account, you'll pay your higher regular income tax rate when you make withdrawals. "We’ll work with new clients who have previously purchased annuity products in their IRA accounts. Annuity products usually grow tax deferred, which is gre...
A tax schedule is a rate sheet used by individual taxpayers to determine their estimated taxes due.