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How do you figure sales tax deduction when only know total price was recorded?
Wiki User
∙ 12y ago
If only the total price was recoded and you do not know the tax rate, you cannot.
Wiki User
∙ 12y ago
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How do you add 8.875 percent sales tax to price?
Multiply the price by 1.08875. Try it with an easy figure - say the price is 100, including the sales tax this would be 108.875 (108.88 to two decimal places). If the original price was 50, then the total including the sales tax would be 50.044375 (50.04 to two places)
Bring out the difference between trade discount and cash dicount?
Cash discount is the discount in amount in accounts payable while trade discount is on sales price discount which is not recorded in business books and transaction is recorded at discount price.
How do you find the difference between sales price and actual price?
Subtract the sales price from the actual price!
What is Net Selling Price?
The gross sales priceis the price that the customer pays, including sales tax. Thenet sales priceis the price without sales tax.
Why would a company report gross sales and net sales separately?
To provide more information. "Netting out" items such as gross sales against returns and discounts hides information that may be desirable. For example, if no allowance for returns is being recorded, then the so called net sales figure is probably overstated, but this can not be determined if sales are presented at net.
How do you show sales discount in financial statements?
Sales discount is shown under income statement as a deduction from sales because it reduces the actual sales figure.
What is a ruling price?
The ruling price at any time is the last recorded sales price .
What is the maxiumum deduction for junk car donation?
There isn't a set in stone maximum deduction. However since 2005 the IRS has adopted tougher rules limiting the deduction to the actual sales price of the car if it is over 500$. The charity has to notify you of this within 30 days, but you have no right to know what the deduction will be before you donate the vehicle.
How do you add 8.875 percent sales tax to price?
Multiply the price by 1.08875. Try it with an easy figure - say the price is 100, including the sales tax this would be 108.875 (108.88 to two decimal places). If the original price was 50, then the total including the sales tax would be 50.044375 (50.04 to two places)
Can itemized deductions on federal tax returns be taken for sales tax paid by Florida residents?
Yes. As an itemized deduction, you can claim either your state income tax withholding or claim a deduction for sales taxes paid. In states such as Florida which have no income tax, obviously your only option is to take a sales tax deduction. See the link below.
What transaction are recorded in a sales day book?
In Sales day book all transactions related only to sales are recorded in it and no other transactions is recorded.
Bring out the difference between trade discount and cash dicount?
Cash discount is the discount in amount in accounts payable while trade discount is on sales price discount which is not recorded in business books and transaction is recorded at discount price.
Does net sales include sales tax?
No, net sales do not include tax. It is the total amount of company sales after the deduction of returns, damaged goods and any discounts.
What section would sales returns and allowances be on the income statement?
Sales returns and allowances reduces the actual sales value that;s why shown as deduction from Sales Revenue in Income Statement
Do you get a tax deduction on a 2011 Prius?
No, we bought our Prius Feb. 3rd 2012. No deduction for this Hybrid, only state sales tax. And any car gets that.
What is formula of sales price?
The sales price formula is Sale Price=(Normal Price)(Compliment of Markdown)
How do you find the difference between sales price and actual price?
Subtract the sales price from the actual price!
