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Sales Tax

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Byline: Trip Jennings A bill that supporters say would force some out-of-state corporations to pay more in state taxes cleared an important Senate committee for the first time in eight years Wednesday night....
Business Journal
By Tate, William D. | Publication: Business Credit | Filed In: City Government and Regional & Local Governments
Historically rich and rooted in tradition, yet distinctly modern. Culturally diverse and still defiantly proud and patriotic. Texas is forged from contradictions, merging seamlessly to create a unique and spirited destination. We invite...
Business Journal
Publication: LexisNexis | Filed In: Company Profits and Company Earnings
Group sales for the third quarter ended January 21, 2012 decreased 3.8%. Like-for-like sales for the nine months ended January 21, 2012 decreased 1.7%. Group sales for the nine months ended January 21,...
Business Journal
With the end of 2011, Puerto Rico should complete its sixth-consecutive year of negative growth with a smaller contraction or, in a best-case scenario, with no (zero) or flat growth, according to local...
Business Journal
Puerto Rico stands to lose millions of dollars in rum excise tax rebate revenue after the US Congress failed to extend an increase in the program that expired on Dec. 31, reports Caribbean...
Business Journal
Byline: Bob Quick It's that time of year again: tax season. But don't worry. Tax-Aide Santa Fe, a program of the AARP Foundation, is offering free help from trained and certified volunteer counselors...
Business Journal
Profit Up in Technology Solutions Segment, Although Thai Floods Hurt Results in Ubiquitous Solutions and Device Solutions Segments Tokyo, Jan 31, 2012 - (JCN Newswire) - Fujitsu today reported a consolidated net loss...
Business Journal
By Leen Preesman | Publication: LexisNexis | Filed In: Sentencing and Criminal Law
2 hours ago NETHERLANDS - Two former directors at PREIM - the erstwhile property manager of the EUR14bn Dutch pension fund for Philips - have been found guilty of fraud....
Business Journal
By Jarosz, Francesca | Publication: Indianapolis Business Journal | Filed In: US State Government and Regional & Local Governments
State legislators and estate-planning attorneys have renewed a push to repeal the inheritance tax in Indiana, one of just eight states to have such a levy. Rep. Eric Turner, R-Cicero, and Sen. Jim...
Business Journal
By McLaughlin, Kathleen | Publication: Indianapolis Business Journal | Filed In: Office Property and Commercial Property
Indianapolis Mayor Greg Ballard is ready to add the former Market Square Arena site to a growing list of downtown redevelopment projects. Unlike past attempts at transforming the vacant site, the city will...
Business Journal
By Simmons, Christopher Laird | Publication: Send2Press Newswire | Filed In: Executive Moves and Board & Management Changes
LOS ANGELES, Calif., Jan. 28, 2012 (SEND2PRESS NEWSWIRE) -- For professional journalists, publishers and news editors seeking original news content, Send2Press - for the week ending January 27, 2012 - issued press releases...
Business Journal
By Callegari, John | Publication: Long Island Business News | Filed In: Layoffs and Layoffs & Dismissals
With the recent implementation of a 2 percent cap on property taxes, local governments around the state have been looking for ways to reduce costs. The Town of Brookhaven's answer: automating its tax...
Business Journal
By Finnemore, Melody | Publication: Daily Journal of Commerce | Filed In: Sales Tax and Tax Law
Mattress World's recent closure, due in part to owner Sherri Hines owing nearly $2 million in uncollected Washington sales tax, is a wake-up call for other Oregon companies with similar business dealings to...
Business Journal
James Dodd has accepted a position with Cheyenne Village as the events and volunteer coordinator. He is responsible for all Cheyenne Village events as well as managing the volunteer program. Dodd is currently...
Business Journal
By Mendoza, Monica | Publication: The Colorado Springs Business Journal | Filed In: Sales Tax and Tax Law
Next month, local manufacturers plan to ask the city to eliminate its 2.5 percent use-tax on equipment. But it will be a hefty request because the tax pumps about $7 million dollars a...
Business Journal
By Simmons, Christopher Laird | Publication: Send2Press Newswire | Filed In: US State Government and Regional & Local Governments
KIRKLAND, Wash., Jan. 26, 2012 (SEND2PRESS NEWSWIRE) -- Long-term care insurance is subsidized, in effect, by Uncle Sam. "For many people, a large part of their premium cost is deductible on their federal...
Business Journal
By Paul Harrison | Publication: LexisNexis | Filed In: Company Profits and Company Earnings
For many adviser firms, the RDR focus on adviser charging is causing sleepless nights. Although many advisers are understandably worried about the challenge to sales processes, business cash-flows and client interaction, the prevailing...
Business Journal
By Navarro, Carlos | Publication: SourceMex Economic News & Analysis on Mexico | Filed In: Export Prices and Export Trade
The Mexican motor-vehicle industry reported good results in 2011, with production, exports, and domestic sales all increasing. But the good news was diminished by reports that Mexico is still struggling with the illegal...
Business Journal
By Larino, Jennifer | Publication: New Orleans CityBusiness | Filed In: Natural Gas & Electric Utilities and Utilities Industry
Early last year, Jon Sader and his team of eight at Sader Power faced the same hurdle most solar power installation companies do -- cost. The typical residential solar power system can easily...
Business Journal
By Starzee, Bernadette | Publication: Long Island Business News | Filed In: Probate and Estate, Gift & Trust Law
Steven P. Block Partner Futterman, Lanza & Block An attorney and a certified public accountant, Block advises clients on all aspects of estate and elder law planning. In 2011, he merged his practice...
Business Journal

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Business Glossary

Definitions for: sales tax
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.

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