What is compute sales tax and payroll tax?

Question

Its for a research report! And i have no idea what they are!

Answer 1

Samantha, I am a total tax nerd and here is a link to some fun ways to learn about taxes....

http://www.irs.gov/app/understandingTaxes/jsp/s_student_lessons.jsp

good luck,

hope this puts you at the top of your class...

Answer 2

Sales tax is a tax levied on goods (and sometimes services) at the retail level. Payroll taxes are levied on wages paid by an employer.

Answer 3

1) sale tax is base on % gross sale of item, like say RI is 7% of gross sale of "taxable" item like a car. cloth is not taxable so no sale tax.

2) payroll tax is % withheld for the federal and or state. amount withheld is determine by employee not the goverment or employer. how much withheld is determine on the w4 when the empolyee first get hired and has to fill this form to start the withholding.

Answer 4

Sales tax is levied on the retail sale of goods and/or services. The basis of the tax varies from state to state.

Payroll taxes are taxes withheld from employees' paychecks, and/or paid by an employer for the employee, i.e. income tax withholding, FICA and Medicare taxes, unemployment taxes, and worker's comp. taxes.