Welcome to today’s class!!
We are thrilled to have you in our class!!
In today’s Store Management class, we will be learning about Sales Taxation
Sales tax is a consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale, collected by the retailer, and passed on to the government.
A business may be liable for sales taxes in a given jurisdiction if it has a presence there, which can be a brick-and-mortar location, an employee, or an affiliate, depending on the laws in that jurisdiction.
Here are things to know about Sales Tax:
- Sales tax is usually charged as a percentage of the retail cost at the point of purchase.
- Local and municipal governments may charge their own sales tax, which is added to the state sales tax.
- Some countries do not have any sales taxes, while others have no statewide sales tax.
- Outside countries like America, many countries impose a value-added tax rather than a sales tax.
Sales taxes take a percentage of the price of goods sold. A state might have a 4% sales tax, a county 2%, and a city 1.5%, so that residents of that city pay 7.5% in total.
In summary, Sales tax ation is a percentage-based tax on finished products at the point of sale. Sales taxes are common in the United States, where each level of government may charge an additional percentage of gross sales. They are less common outside the U.S., where many countries use a value-added tax instead.
Explain what a Sales Tax is
Highlight the difference between Sales Tax, Import Tax and Progressive Tax.
We hope you enjoyed today’s class. In our next class, we will be focusing on Revision.
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