Question

Why this is important for businesses to ensure sales and use tax is paid properly? Who...

Why this is important for businesses to ensure sales and use tax is paid properly? Who is responsible for the payment of these taxes? What are the different jurisdictions which may charge sales/use tax?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Taxes can have significant implications on a business's cashflow.It is vital to understand plan for this mpact on cash flow and that you register taxes for properly.The taxes applicable to your business will depend upon what kind of a business you are running.Business shoul also consider the need to engage a professional tax adviser where necessary and particularly for more complicated business activities and transactions.

The buyer pays taxes on sales ,but the seller is responsible for collecting it and remitting to the government.

Different jurisdiction charge different sales tax, which often overlap, as and when states, countries and muncipalities each levy their own sales taxes. Sales taxes are closely related to use taxes

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Who is responsible for paying the sales and use tax to local government. How often is...
Who is responsible for paying the sales and use tax to local government. How often is the tax bill paid?
In 2010, Colorado became the first state to require nondomiciliary businesses without sales tax nexus to...
In 2010, Colorado became the first state to require nondomiciliary businesses without sales tax nexus to report all the necessary information to the Colorado Department of Revenue so that Colorado could collect its use tax from its resident individuals and domiciliary businesses. Assume you are responsible for sales tax issues for an online retailer from another state. You believe that the Colorado tax is unconstitutional based on a seminar you attended and the advice of your accounting firm. Would you...
It is important to communicate properly in the workplace, especially when sharing patient information. The three-step...
It is important to communicate properly in the workplace, especially when sharing patient information. The three-step writing process is used in health care to help professionals provide effective communication by guiding them through which appropriate communication deliverable to use, writing for their audience, and the appropriate use of conventions. ·       What is the purpose of the communication? ·       Who is your audience? ·       What does your audience need to know, and why do they need to know it? ·       What communication deliverable is the...
Regarding income taxes, which do you think is more important (and why)-- the average tax rate...
Regarding income taxes, which do you think is more important (and why)-- the average tax rate that a firm pays or the marginal tax rate the firm is paying?
1) Why do projects sometimes go wrong?? 2) What do you consider are the most important...
1) Why do projects sometimes go wrong?? 2) What do you consider are the most important skills required of a project manager who may be responsible for highly complex or multiple projects??
Senator Filch argues that tax must be paid by people who benefit from government services. Senator...
Senator Filch argues that tax must be paid by people who benefit from government services. Senator Fudge argues that a tax must be paid in accordance with person's ability to bear tax burden.Senator Malfoy argues that people with greater ability to pay tax should pay a larger amount. Senator Moody argues that taxpayers with similar abilities to pay should contribute the same amount .Which senator is advocating for taxes based on horizantal equity?
Please give us your view of why accounting and financial reporting are important. Tell us who...
Please give us your view of why accounting and financial reporting are important. Tell us who are the most likely people to use financial statements and what they hope to gain from them. Tell us what experiences you may have.​
Inaccurate and unreliable information can spell financial disaster for businesses and persons who use this information...
Inaccurate and unreliable information can spell financial disaster for businesses and persons who use this information for decision-making purposes. From the standpoint of a business, accurate and reliable information is necessary in order for a potential investor to have when they are considering investing with the company. If the information is not accurate and reliable, this will potentially harm the investor. Inaccurate financial information may be due to the incompetence of the accountant who prepared the financial statements or due...
Why is a thorough knowledge of sources of tax law so important for a professional person...
Why is a thorough knowledge of sources of tax law so important for a professional person who works in the tax​ area? A. Due to the vast volume of tax law​ sources, it is impossible for any person to have recall knowledge of the tax law.​ Thus, the ability to understand what the relevant sources of tax law​ are, their relative​ importance, and where to find the sources are vital to a person working in the tax area. B. There...
1. Define a business stakeholder? Who are the stakeholder groups of businesses and what is it...
1. Define a business stakeholder? Who are the stakeholder groups of businesses and what is it that makes them stakeholders? 2. What are the benefits of globalization of trade? What are the problems associated with globalization of trade? And what are two methods countries can use to restrict free trade? 3. What are the key roles of the Bank of Canada? What are two ways the Bank Canada uses to control Canada’s money supply and why would it increase or...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT