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Definitions for: sales tax
Dictionary of Accounting Terms
sales tax

state or local tax based on a percentage of the selling price of the goods or service that the buyer must pay. It is not revenue to the seller, who simply collects it and passes it onto the state or local government. Assume credit sales of $30,000 are made with a sales tax rate of 8%. The entry to record the sale is:

Accounts receivable 32,400
Sales 30,000
Sales tax payable 2,400

The purchaser cannot deduct sales tax as an itemized deduction.

Copyright © 2005, 2000, 1995, 1987 by Barron's Educational Series, Inc., Reprinted by arrangement with Publisher.

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Industry Associations

Industry Associations
National Retail Sales Tax Alliance
Community leaders, business people, and ordinary citizens committed to replacing the income tax system. Organization does not challenge the legality of the federal income tax or the Internal Revenue Service.

Founded: 1999

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