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A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
However, Nevada, Ohio, and Washington impose a gross receipts tax while Texas has a franchise tax based on "taxable margin", generally defined as sales less either cost of goods sold less compensation, with complete exemption (no tax owed) for less than $1MM in annual earnings and gradually increasing to a maximum tax of 1% based on net revenue ...
According to deputy economic development director Chris Faivre, a total increase of 0.5625% to the city's Gross Receipt Tax would generate $20 million in new revenue per year in order to fund ...
Arizona has a transaction privilege tax (TPT) that differs from a true sales tax in that it is a gross receipts tax, a tax levied on the gross receipts of the vendor and not a liability of the consumer. [60] Vendors are permitted to pass the amount of the tax on to the consumer, but remain the liable parties for the tax to the state. [61]
Gross income is the total amount you earn before any deductions, while net income is what you take home after deductions like taxes. Knowing your gross income can help you budget and plan for ...
The law also provided for the creation of a Mixed Beverage Gross Receipts tax, which quickly became a major revenue generator for the state. During fiscal year 1993, the tax and associated fees generated more than $244.7 million, accounting for more than half the total revenue collected by the agency. [8]
Instead, Texas has sales and property tax. The standard sales tax rate in Texas is 6.25%, “However, local tax jurisdictions have the authority to impose up to an additional 2% tax. Consequently ...