2006-09-13 06:43:54 · 8 answers · asked by ? 1 in Business & Finance ➔ Small Business
Depends on your tax rate if the rate is 8.25% then multipy the whole dollar amount by the factor. Example the amount came to 25.50 then the tax is 2.10 got it. Bringing the total to 27.60
2006-09-13 06:53:38 · answer #1 · answered by rookie 3 · 0⤊ 0⤋
If they are not tax exmept then you need to charge each person placing an order what i do in this situation is right all of the prices down on the order form with tax included so that if you are working with kids they don't loose out on orders because they don't know how to figure tax! You can get better answers by visiting you state government website and find out if they are tax exempt or not Best of Luck
2006-09-13 14:27:03 · answer #2 · answered by randyssgirl25 2 · 0⤊ 0⤋
The short answer is yes. The long answer is that you need to talk to a tax professional. All "big" fundraising firms, like Sally Forster charge sales tax. There are various gimmicks that small business can play, including selling in a different state (from which they are based). I have a small business and I "build in" the sales tax into the price. So, my product costs $9.52 + tax. I charge everyone $10 and tell them the tax is included.
2006-09-13 13:50:58 · answer #3 · answered by curious1223 3 · 0⤊ 0⤋
Most people will object to paying taxes to a charity, which is normally tax free, or a product sold out of state. If your are a charity, apply for tax free status.
Don't forget that mail, net and phone orders out of (your) state are tax free, so keep an organized/itemized list of both for tax purposes. If you paid taxes for your items, include it in your base price. If the fund raiser is for a "non-charity", they pay taxes on the total amount received and their donation is not tax deductible.
2006-09-13 13:53:43 · answer #4 · answered by ?Bob?NYC? 2 · 0⤊ 0⤋
Consult your accountant or financial advisor.
Find out if the charity is exempt from sales tax.
If people are paying a premium for the product then they should only need to pay tax on the portion that represents the product while the remainer is considered a donation.
2006-09-13 13:44:58 · answer #5 · answered by Plasmapuppy 7 · 0⤊ 0⤋
I do fundraising and I make the products a flat rate that ends up including the tax. So for example my candles are $18.95, I charge $20 for them - its built in.
Email me if you have any questions
2006-09-13 14:17:08 · answer #6 · answered by jarsoflight1 3 · 0⤊ 0⤋
depending on the profit margin, you could just back the tax out of each order.
2006-09-13 13:53:32 · answer #7 · answered by tallerfella 7 · 0⤊ 0⤋
i don't know, lets sleep on this!!
2006-09-13 13:45:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋