Sales Tax Questions

[Pinky]

I need help. I am trying to calculate the amount of sales tax I need to pay for my business and I don't know how.

 

[Mac in Wisco]

Quote:
What are you selling? Generally, it's your gross sales minus exempt sales times your sales tax rate.

The forms that you have to fill out kind of walk you through it, much like an income tax return.

Are you registered with the state and have an account, if it is required in your state?

 

[Lazy J Farms Feed & Hay]

Quote:
In Indiana we use a form that lists Total Sales, Exempt Sales, Taxable Sales and helps with the calculations as well as deductions. You should receive the appropriate forms for submission from the Department of Revenue if you are properly registered to collect sales taxes. In Indiana it is Illegal to collect sales taxes unless you are licensed to do so by the State.

Jim

 

[Pinky]

Lazy J Farms Feed & Hay :

Quote:
In Indiana we use a form that lists Total Sales, Exempt Sales, Taxable Sales and helps with the calculations as well as deductions. You should receive the appropriate forms for submission from the Department of Revenue if you are properly registered to collect sales taxes. In Indiana it is Illegal to collect sales taxes unless you are licensed to do so by the State.

Jim

Quote:
We have a movie rental store and we are registered with the state. I think I figured it out now. Thanks for helping.​

 

[woodmort]

Assuming you haven't kept track the easiest way it the following:

Let's assume the sales tax is 6% then your receipts represent 106% of the nontaxed price. So take the total receipts and divide it by 1.06 the result is the total receipts before tax. Now subtract that from the total receipts and the difference is the tax you received. That is an acceptable way to do it in NYS.

 

[Carols Clucks]

Oh wow

Way back in the day, we had a Video Store!

(sales tax ugh)

In CA I use the state online website. Just make sure you have all of yours sales totals, know if you purchased something with prepaid sales tax too

If I ever had a question, they were not bad to call.