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Need the answer why is sales tax a liability to a business?
When a business collects Sales Tax, it owes it to the Sales tax collecting authority. Sales tax that has been collected but not paid to the Sales Tax collecting authority should be carried on the books as a liability.
Is Nebraska sales tax deductible for small business owners?
If you charge tax on the products/services you sell, the customer pays the sales tax and the business passes the tax onto the state/municipality. If the business buys supplies for use in the business (and not for resale) you will pay sales tax and the entire cost of the supplies will be deductible to the business. If you buy the same supplies from out of state and do not pay Nebraska sales tax, you should pay Nebraska use tax and that amount is also deductible to the business. If the business buys supplies that go into making a product for resale, you should not pay sales tax on the purchase of those supplies.
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.
Do you pay tax on wizard101 cards?
In most states, prepaid cards are not subject to sales tax. Depending on your local tax laws, you might not have to worry about paying taxes on Wizard 101 cards.
How often is sales tax paid?
Periodically in a business depending on the business you are in.
S set of cards sells for 12.00 before tax after sales tax it costs 12.60 what is the sales tax rate?
The sales tax rate is 5 percent for S set of cards.
Need the answer why is sales tax a liability to a business?
When a business collects Sales Tax, it owes it to the Sales tax collecting authority. Sales tax that has been collected but not paid to the Sales Tax collecting authority should be carried on the books as a liability.
Who does a business owe its sales tax to?
The State that they do business in
Is Nebraska sales tax deductible for small business owners?
If you charge tax on the products/services you sell, the customer pays the sales tax and the business passes the tax onto the state/municipality. If the business buys supplies for use in the business (and not for resale) you will pay sales tax and the entire cost of the supplies will be deductible to the business. If you buy the same supplies from out of state and do not pay Nebraska sales tax, you should pay Nebraska use tax and that amount is also deductible to the business. If the business buys supplies that go into making a product for resale, you should not pay sales tax on the purchase of those supplies.
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.
Do you pay tax on wizard101 cards?
In most states, prepaid cards are not subject to sales tax. Depending on your local tax laws, you might not have to worry about paying taxes on Wizard 101 cards.
What types are items are tax exempt for a business?
Items that a business buys with the intention of reselling them are exempt from sales taxes. However, the business has to charge sales tax when it does resell that item.
A set of trading cards sells for 12.00 before tax after sales tax it costs 12.60 what is the sales tax rate?
The sales tax rate would be 5% here, as 60 cents is 5% of 12 dollars.
How often is sales tax paid?
Periodically in a business depending on the business you are in.
Does Wal-Mart charge sales tax on iTunes gift cards?
no
What are the process for sales tax for business?
Sales tax is different depending on the state you live in. For instance its 6% in WV, 7% in PA, etc. It's not automatically added, the business has to have the computer automatically calculate the tax for the business then pay the government that tax when tax season happens.
How much does Florida charge for their business sales tax?
Business sales tax is a standard rate around the state of Florida. The current ongoing rate is set at 6%
