For a current liability to exist, the following two tests must be met. LO Which of the following best describes a contingent liability that is likely to occur but cannot be … There are no … File your sales tax returns. Let’s say you are eligible for $4,000 in nonrefundable credits and your tax bill is $350. Which of the following best describes incremental cash flows. CompleteCheck: Covered under the TurboTax accurate calculations and maximum refund guarantees. A. The sales tax on a second item is $6.75. Answers: 2 Get __ __ Other questions on the subject: Business. The use tax is charged when a boat is regularly used in New York State but was purchased elsewhere. Sales Taxes . Nearby Athens collected duties on the import and export of commodities, recorded at a rate of two percent in 399 BC. The last payment is due December 29, 2014. D. It is the revenue created when inflation is low. Sales Tax is also regressive in nature as it imposed uniformly on the consumers regardless of the economic condition of the buyer. Most states do not impose a state income tax, but all impose a state sales/use tax. It is a sales tax. The tax burden will be higher for low income group people and will be lower for high income group people. Operating income is: A) unaffected B) expected to increase by 2% C) expected to increase by 32% D) expected … read more. 1 answer: Firdavs [7] 1 month ago. Which of the following best describes the amount of money you'll have if you put $1,000 into a savings account earning an annual interest rate of 2% compounded for 10 years? As an example, a real estate developer buys a 100-acre tract of land to build a residential subdivision. A) to save the government from collapse B) to raise federal government salaries C) to fund paying the national foreign debt D) to fund New Deal social programs . In addition, their property may be exempt from property taxes. There are various budgets within the master budget cycle. If no state sales tax was paid at the time of purchase, sales/use tax is due on the value of the item withdrawn from resale inventory. Updated 16 days ago|5/30/2021 5:17:09 PM. All of your records are kept safely online for you, even if your computer crashes. She describes how Brian Wruk, a financial planner, received a text from the 30-year old investor who was facing an $800,000 tax bill. Rating. Select "Jump to Schedule C" 4. f. Give rise to deferred tax liabilities. Which of the following best describes the US government? B. Which of the following best describes the current status of sales tax law and e-commerce? For example, if you purchase a … Let's start by working with an example. Section 1244 allows an individual shareholder to exempt gain from sale of the stock from tax. Not all states allow all exemptions listed on this form. A. It is sales minus cost of goods sold and income tax expense. What is the best description of sales tax? 121 Identifying Incremental Cash Flows 1 Incremental cash flows from a project A Firm cash flows without the project plus or minus changes in net income.Which of the following best describes incremental cash flows. Expanded tax revenue will, then, allow the community to make improvements that affect the entire population. Forty-five states have state sales tax rates that range from 1.76% (Alaska) to 9.45% (Tennessee). Search for an answer or ask Weegy. 0 … The total sales recorded prior to sales discounts and returns. Physics, 20.11.2020 19:10 . No. c. Generally arise when the tax base of the assets is greater than the carrying amount. What is Sales Tax? As of 2015, 45 US states charge sales tax. Wisconsin Streamlined Sales and Use Tax Agreement Exemption Certificate S-211-SST (R. 12-17) Wisconsin Department of Revenue This is a multi-state form. Once the sales tax has been calculated it needs to be added to the pre-tax value in order to find the total cost of the item. Sales tax is the tax on the sale or lease of goods, and is what is known as a “pass-through tax.” Unlike income tax, sales taxes is decided and administered by state governments only. Business, 03.02.2019 00:50. On top of these state sales taxes, there are 38 states that have a local sales tax that is added on top of the state sales … ... Answer. Management discovers that a supervisor at one of its restaurant locations removes excess cash and resets sales totals throughout the day on the point-of-sale (pos) system. To complete the sales tax cycle, you need to file sales tax returns and … Please note that your principal business activity might be different from the business activity that requires you to register as a sales tax vendor. Paid to state and local governments on purchased goods and services . The sellers usually collect sales tax during purchase time under prescribed laws. IRS business activity codes are for your principal business or professional activity. Nexus Update: Latest Developments in State Income, Franchise, and Sales Taxes (#746331, text; #164251, online access; #GT-NXUP, … This is a multi-state form. Which term best describes sales taxes? If x represents the number of notebooks Adele buys and y represents the total cost of the notebooks she buys, which best describes the values of x and y? Paid to state and local governments on purchased goods and services. Question. - 16013661 velazquezashley859 velazquezashley859 04/27/2020 Social Studies Middle School answered Which term best describes sales taxes? Enter "Schedule C" 3. d. Arise when the tax base of the liabilities is greater than the carrying amount. Many words common to sales and selling situations can generate fearful or negative images in your clients’ minds. Top Answer. Municipal tax abatement can encourage growth in the community. As the name ‘nonrefundable’ indicates, the best these credits can do is reduce the tax you owe to zero. Included in accounts receivable is $1,200,000 due from a customer and payable in quarterly installments of $150,000. Sales tax is an amount of money, calculated as a percentage, that is added to the cost of a product or service when purchased by a consumer at a retail location. Examiners may ask for Point of Sale (POS) records, such as their summary reports regarding their sales transactions. s. Expert answered|destle6|Points 17851| Log in for more information. Under some circumstances, tax laws also allow the cost of some fixed assets to be charged entirely to expense as incurred, so that the effective depreciation period is one tax … Sales tax and VAT are a common cause of confusion within the corporate tax community. Sales tax in US states can be as low as 0% or as high as 9.45%. Sales tax is one of the top sources of revenue for most of US states. It is a direct tax imposed by the state government on purchased goods and services. A sales tax is an involuntary fee imposed by the government on the sale of goods and services, calculated as a percentage of the price of a purchase. A) improving access to public libraries B) expanding free-trade agreements C) limiting on-the-job training D) decreasing sales taxes A) improving access to public libraries B) expanding free-trade agreements C) limiting on-the-job training D) decreasing sales taxes Not all states allow all exemptions listed on this form. Sales managers have to be aware of sales mix when they devise commission plans for the sales staff, since the intent should be to incentivize them to sell high-profit items. You can protest in different ways, depending on the kind of notice you received, and whether the time limit stated on the notice has expired. There should be no inheritance tax of any amount of money or assets. Tariff best describes a tax paid on imported goods. Send the completed form to the seller and keep a copy for your records. 11. In order to calculate the sales tax of an item, we need to first multiply the pre-tax cost of the item by the sales tax percentage after it has been converted into a decimal. Sales tax $2.76 divided by purchase $46.00 = sales tax rate 6%. Comments. C. Section 1244 allows an individual shareholder to deduct up to $50,000 of the loss from sale of the stock as an ordinary loss in the year of the sale. Your principal business activity is the one that best describes your line of business. With respect to taxes levied by the individual states, which of the following best describes the Sales/Use Tax and Income Tax Regimes in the United States on a state level? Which of the following best describes the inflation tax? Sales taxes can be referred to as retail, excise, privilege, use, and value-added taxes. Qualified organizations, as determined by the department, are exempt from paying sales taxes in Illinois. Most states do not impose a state sales/use tax and all states impose a state income tax. B. One of these budgets is the production budget. 7 0. … 93. You have the right to challenge—or protest— any Tax Department bill or notice that you disagree with. If you need to change the activity code: 1. D. Section 1244 allows a corporate shareholder to deduct up to $50,000 of the loss from sale … There is a sales tax of $12 on an item that costs before tax. You can use All other specialty trade contractors (238990). Indirect and regressive best describe sales tax. Which of the following statements best describes how sales tax is applied. This would encourage sales activity and would also help boost the economy. For everything except zero-rated or exempt supplies, you must determine which GST/HST rate to charge. B) §1244 allows an individual shareholder to deduct all of the loss from sale of the stock as an ordinary loss in the year of the sale. It is a direct tax imposed by the state government on purchased goods and services. Tax status What this means If you are a GST/HST registrant, then; Taxable supplies (other than zero-rated) Most property and services supplied in or imported into Canada are subject to GST/HST. Some students may argue that eliminating sales tax would encourage consumers to buy more, which helps to boost the economy. Go to the search bar in the top right corner. B) Consumers have the option to pay or not pay sales tax at the time they make an e-commerce purchase. Per State of Georgia Legislation, a Special Local Option Sales Tax (SPLOST) is an optional one percent county sales tax used to fund capital outlay projects proposed by the county government and participating qualified municipal governments. Votes: 64 50 ... A national sales tax has it's own issues not even considering enforcement. Multiple Choice It includes the results of discontinued operations. Asked 12/7/2017 3:13:46 PM. The value of x can be any real number, and y will be a real number. Required. (Points: 1) True False 2. It is indirect because the retribution that the consumer is going pay is collected by the seller, who acts as an intermediary between the people and the government and then is handed to the government (contrary to the direct type in which the taxation amount goes directly into the government's arks). For example: an office supply store withdraws copy paper from the resale inventory for use in the store manager’s printer. Industrial revenue bond (IRB) This answer has been confirmed as correct and helpful. indirect tax. Asked 178 days ago|12/9/2020 8:55:05 AM. Sales tax. A) §1244 allows an individual shareholder to exempt gain from sale of the stock from tax. Mathematics, 20.11.2020 19:10. The exemption allows an organization to buy items tax-free. Discover where all that money goes and how it is used to offer services that you benefit from every day. Sales & Property Tax Exemptions (PIO-37) Page Content. . Haidin Chambers Answered 2020-10 … A Representative democracy best describes the United States government.

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