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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.
When a business sells an item and collects a state sales tax on it a current liability arises?
true.
What tax is paid by businesses only?
sales tax sales tax!
How do you Gross up sales tax?
Sales Tax / Sales Tax Rate = Gross Sale
Percent of sales tax for 1075 and sales tax is 43?
If an item costs $1,075.00 and the value of the sales tax is $43.00, the percentage of sales tax is 4%
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 collect tax?
Sales tax is collected by the seller and then passed on to the State.
What is the state sales tax in Oregon?
There is no sales tax in the state of Oregon.
Does QVC pay state sales tax it collects to all the states?
Legally, if QVC collects the state sales tax, they are required to pay it to the state. Each individual state has its own laws regarding the collection and payment of the taxes.
When a business sells an item and collects a state sales tax on it a current liability arises?
true.
Does Nevada have sales tax on used cars?
If you buy a used car from a private party, there is no sales tax charged. If you buy from a dealer you will pay sales tax based on the county of registration. You pay sales tax on cars when you register the vehicle. The dealer collects it when you buy through them, otherwise the MVD does.
Do you have to pay sales tax if you buy a used car from a non-car selling business in Washington?
You will pay the sales tax when you register the car. If the business collects it, they have to give you a receipt for it.
Does dealer get a percent of sales tax or state tax?
I am not aware of every states sales tax regulations, but here in Georgia, the store who collects the sales tax receives a small fee of 3% of the tax if they filed and paid all taxes due to the state department of revenue on time. If it was not paid and filed on time they forfeit this "vendor's compensation".
Why do you pay sales tax on cars in Massachusetts?
Because it is the law. The state of Mass collects sales taxes on every car sold as a way of raising revenue for the operation of the state. Almost every state in the union has a sales tax on the sale of a car.
If the product was mailed to Fla by a PA retailer who collects sales tax must PA sales tax be charged?
If the product is mailed directly to FL by the retailer, the product is not taxable in PA due to interstate commerce laws. The product is taxable in FL. Either the retailer will charge sales tax if they have nexus in FL or the consumer would be responsible to self assess use tax in FL.
Is it legal for a leasing company to charge county sales tax based on the average of surrounding counties to the consumer but pay the actual county tax to the county agency?
No. They are responsible to pay for the actual tax, or the actual tax they collected, whichever is higher. They are required to charge the correct tax. For the seller, Sales taxes are a "trust fund"...that is, it is never his money...he collects the money from the purchaser (who is actually legally responsible to pay it whether he collects or not), on behalf of the State. he hold the money in trust. He cannot guess the amount.
What tax is paid by businesses only?
sales tax sales tax!
