Taxes: Part Two
Welcome, to Tax It - Today we will examine the different types of tax which are in effect today. There are many kinds of tax, each with a different mechanism of when and how the tax is due. In business, it is vital to understand when and how each of these taxes are calculated.
Let's start with sales tax. In the US, this tax is often used as a method for states to generate revenue. Purchases at the retail level (not wholesale) are subject to sales tax, which is a percentage of the sales price. Sales tax is not standardized, as individual states can set the applicable rates - these rates generally vary depending on the product. Sales tax is an indirect tax, as the taxes are collected by the merchant who then, at the appropriate time pays the tax to the appropriate organ. Sales tax, is also referred to as consumption tax.
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