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| Re: So, if the dollar bill were eliminated... (942788) | |||
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Re: So, if the dollar bill were eliminated... |
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Posted by SLRT on Fri May 18 12:21:39 2012, in response to Re: So, if the dollar bill were eliminated..., posted by AlM on Fri May 18 10:31:18 2012. The way sales tax is paid by merchants in New York, you pay a percentage tax based on the total of taxable sales. The amount you actually collect (assuming you are not cheating) is irrelevant, though it should be very close to the amount due.Suppose you sell knickknacks at a flea market. You can charge "$5.00 including tax." It is your job then to work backwards to give the state its cut. Even if the tax is calculated at the register: Suppose something is $4.95 + 8.5% tax = $5.37. If you have to round down and charge $5.35 you "eat" the 2 cents. It doesn't come out of the state share. THIW. |
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