when doing sales tax for a restaurant, do you include the over and under on their cash register print out when calculating sales tax? i know i have to subtract the sales tax, voids, and discounts, but i'm not sure about the overage and unders. somebody please help. sales tax is due on the 20th. i'm in the state of colorado. thank you.
2006-09-15 07:19:55 · 4 answers · asked by Tara F 1 in Business & Finance ➔ Taxes ➔ United States
Any cash that is short or over is not included in the calculation for sales tax. However, any tax collected must be remitted to the State of Colorado and the county that the restaurant is located.
2006-09-15 12:31:48 · answer #1 · answered by Steve 6 · 0⤊ 0⤋
The over/under has to do with collection and payment of tips. For sales tax you only need to worry about net sales, ignoring over/unders.
2006-09-15 15:36:51 · answer #2 · answered by Justin T 1 · 0⤊ 0⤋
You go by what's on the register print out. Ignore anything else, because that's the "paper trail" the IRS goes by.
2006-09-15 16:52:33 · answer #3 · answered by Robert S 1 · 0⤊ 0⤋
all overage and underage should be calculated
2006-09-15 14:23:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋