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The retail price is normally around 2.5 to 3 x the trade or wholesale price, depending on the markup of the retailer since the retailer really needs this markup to cover their own higher overheads such as the shop rent, taxes, business rates and staff. This is the price businesses charge to trade buyers. This is their cost price plus a markup ...
The incidence of a tax does not depend on whether the buyers or sellers are taxed since taxes levied on sellers are likely to be met by raising the price charged to buyers. Most of the burden of a tax falls on the less elastic side of the market because of a lower ability to respond to the tax by changing the quantity sold or bought.
California has the highest base sales tax rate, 7.25%. Including county and city sales taxes, the highest total sales tax as of September 1, 2013, was in Arab, Alabama, 13.50%. [2] Sales tax is calculated by multiplying the purchase price by the applicable tax rate. The seller collects it at the time of the sale.
Also, the rate of capital gains taxes often floats up and down at the whim of Congress. The highest long-term rate was 35%, reached in 1979, while the last change was a bump from 15% to 20% in ...
Federal income tax rates have been modified frequently. Tax rates were changed in 34 of the 97 years between 1913 and 2010. [157] The rate structure has been graduated since the 1913 act. Total tax revenue (not adjusted for inflation) for the U.S. federal government from 1980 to 2009 compared to the amount of revenue coming from individual ...
Social Security tax rate: 12.4%. Medicare Tax rate: 2.9%. ... and up to 25% of net earnings (up to $45,000) for a total of $69,000 in deductions. ... Marketing may also include paying for radio or ...
In case of tax brackets, commonly used for progressive taxes, the average tax rate increases as taxable income increases through tax brackets, asymptoting to the top tax rate. For example, consider a system with three tax brackets, 10%, 20%, and 30%, where the 10% rate applies to income from $1 to $10,000, the 20% rate applies to income from ...
Cost price is used in establishing profitability in the following ways: Selling price (excluding tax) less cost results in the profit in money terms. Profit / selling price (excluding tax) when expressed as a percentage produces (gross profit) or GP%. Expense / net sales yields a percentage that when used as the target margin will produce gross ...