Instead, they add the sales tax amount to the customer's total sales price and then pass the sales tax on to their state or local governments. Sales tax is a pass-through tax because businesses do not contribute to the sales tax cost, and they do not keep any money they collect from charging it. Each individual state and local government establishes their sales tax rate, with typical rates ranging between 4% and 8% of the taxable product's sales price. Sales tax is an amount that state and local governments charge consumers for the purchase of certain goods and services. In this article, we discuss how sales tax is calculated, what it is and answer other frequently asked questions employees have about sales tax. Thoroughly understanding this information helps ensure they comply with their state and local sales tax rules and regulations.
#SALES TAX FL CALCULATOR HOW TO#
Businesses and their employees need to know what sales tax is, why they must collect it and how to calculate the correct sales tax amount on each purchase. The cost a customer pays when purchasing goods or services from a business includes both the company's sales price and the cost of applicable sales taxes.
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