What is sales tax? Sales tax is a consumption tax paid to the government on the sales of goods and services. It’s typically paid by the end customer of a product at the point of sale, collected by the seller, and remitted to the government on a regular basis, depending on the selle...
the purchaser pays the tax but the seller collects it as an agent for the government. Various taxing jurisdictions allow exemptions for purchases of specified items, including certain foods, services, and manufacturing equipment. If the purchaser and seller are in different states, a use tax usuall...
But there are exceptions, and in the US about half of the states impose sales tax on gym or health club memberships where the facility has a physical location such as a gym full of weight lifting equipment or a fitness studio where classes take place. ...
When you charge your customers sales tax, it posts to the Sales Tax Liability account (as a credit) in your chart of accounts. When you pay the collected tax to
Share on Facebook tax holiday (redirected fromSales tax holiday) Financial n (Banking & Finance) a period during which tax concessions are made for some reason; examples include an export incentive or an incentive to start a new business given by some governments, in which a company is excuse...
5. Sports equipment, not purchased for use in a trade or business, priced at $150 or less Printing Tip: Select “print background graphics” on your print settings For more information about sales tax holidays, check our our Sales Tax Holidayresources and FAQs....
Manufacturers:In some states, manufacturers may be eligible for a sales tax exemption on certain purchases related to the production process, such as raw materials or equipment. Agricultural producers:Some states offer sales tax exemptions to farmers and other agricultural producers for purchases of equ...
Resold items - Both resellers and retailers are exempted from paying sales tax on wholesale purchases Nonprofits charitable, religious and educational organizations - Any sales made to the parties highlighted are exempted from sales tax in some cases, if tax exemption certificate is provided ...
A company purchased equipment costing $32,000 on credit. Identify the journal the transaction would be recorded in. A、Cash disbursements journal. B、Sales journal. C、Cash receipts journal. D、Purchases journal. E、General journal. 点击查看答案&解析手机看题 你可能感兴趣的试题 单项选择题 如果交...
from an out-of-state seller that doesn’t collect sales tax in your state, you may be required to pay a use tax in your state. Pay careful attention to the laws in your state, particularly if you purchase inventory or equipment from out-of-state sellers that don’t charge sales tax....