Answers.com > Wiki Answers > Categories > Business & Finance > Personal Finance > Taxes and Tax Preparation > Is sales tax required at the time of sale on a cash sale?

Is sales tax required at the time of sale on a cash sale?

In: Taxes and Tax Preparation, Sales Tax [Edit categories]

Answer:

Yes.

First answer by Idgarad. Last edit by Ikidre. Contributor trust: 16 [recommend contributor ]. Question popularity: 1 [recommend question].

[report abuse]

Can you answer these Taxes and Tax Preparation questions?

	What is the used car sales tax rate in Jackson County Georgia?	Answer it!
	What is the progressive income tax?	Answer it!
	Are federal and state taxes taking out of workers compensation benefits?	Answer it!
	What percentage of income tax goes to the Federal Reserve?	Answer it!
	Why might one person work more earn more and pay more income tax when his or her tax rate is cut while another person will work less earn less and pay less income tax under the same circumstance?	Answer it!

Is there a sales tax on home sales?
There isn't a Federal sales tax but the individual States and Cities have different ways of taxing the sale. For instance in NC there is a Transfer tax when you sell your home.
Why sales tax is required?
It is simply a lucrative way of filling the government coffers.
Do you have to charge sales tax at a yard sale?
Individuals can't charge others tax. You do need to claim profits on your income tax, though.
Does gross sales include sales tax?
No. The sales tax is posted as a credit to the Sales Tax Payable Account. So, if you had a $100 sale plus $5 sales tax, you would debit cash $105, credit Sales $100 and credit Sales Tax Payable $5...
What is a 6.5 sales tax on a sale of 300?
300 x .065 = 19.50