Sales Tax Questions

Discussion in 'Random Ramblings' started by Pinky, May 7, 2011.

  1. Pinky

    Pinky Chillin' With My Peeps

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    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.
     
  2. Mac in Wisco

    Mac in Wisco Antagonist

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    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?
     
  3. Lazy J Farms Feed & Hay

    Lazy J Farms Feed & Hay Chillin' With My Peeps

    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
     
  4. Pinky

    Pinky Chillin' With My Peeps

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    Nov 15, 2008
    South GA
    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.​
     
  5. woodmort

    woodmort Chillin' With My Peeps

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    Oxford NY
    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.
     
  6. Carols Clucks

    Carols Clucks Chillin' With My Peeps

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    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.
     

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