Sales Tax

Tax paid on items purchased in a store.

• Excise tax

• unemployment tax

• sales tax

• income tax

Special local sales taxes pay for all of the following but:

• Local school initiatives

• County building plans

• EPA regulation enforcements

• Local parks

Counties receive most of their income from...

• Income Tax

• Property Taxes and General Purpose Sales Tax

• User Fee/Ad Valorem(Ex: Car Tags )

• Special Purpose Local Option Sales Tax (SPLOST)

Which of the following applied to the seller when collecting taxes from the purchaser and remitting taxes to the comptroller? more than one may apply

• Tax is collected as a cumulative total of taxable purchases made in a single sale

• Tax is remitted to the controller on the cumulative total of the sales of taxable items during a reporting period

• If tax has been over, collected due to the bracket system, the seller does not have to remit the over calculation

• If tax has been under calculated due to the bracket system, the seller must remit the amount of tax that was under collected

• Rounding off is only permitted under the statutory bracket system when applied to the amount under half a cent or half a cent and over

Sales tax is an example of a ​ (a)  

• regressive tax.

• progressive tax.

What are the totals and titles required to fill out your sales and use tax return by the 20th of the month per the Tax code? More than one may apply

• Gross, 4700

• Taxable, 1700

• Tax, 170

Which of the following are specifically applied to the auctioneer under the TAC on the sales price of items sold at auction? More than one may apply.

• Sales tax is due from the purchaser on the sales price of any taxable item sold

• The auctioneer is responsible for collecting and remitting tax to the troller on taxable items sold

• Taxes are limited to the comptroller immediately following the sale

• The seller should not collect tax on items, excluded from taxation under the tax code

• Sales tax is not due from the purchaser who reclaim their property by auction

What is the amount of tax collected?

Does a 10% tax rate agree with the tax collected on the taxable purchases?

A sales tax is an example of what type of tax?

• progressive tax

• proportional tax

• regressive tax

• none of the above