What happens to sales tax after you pay it at say the supermarket? Does the store keep a record and then pay it to some governement agency or just how does it work?
We collect sales tax. We had to file a request for a sales tax certificate and account. This was done with a form we found at the State Comptroller’s website and filed electronically.
On the 20th of the month following the end of a calendar quarter, we file a form (preprinted, arrives about a month early) stating our total revenues and our taxable revenues and with it we send a check for all the sales tax we collected in the previous quarter.
We never go over whatever the threshold amount that requires higher volume places like qrocery stores, etc. to make deposits more frequently.
It varies from state to state (I’m in Texas).
If you manage to stay in business long enough collecting sales tax in Texas, you will be audited, or so the CW goes.
The stores keep a record of it. That’s why they have cash registers that print out separate totals for sales tax. Then you enter the amount into your books. In California, you send a check quarterly to the Board of Equalization.
beatle: you collected taxes in Texas? ( No punning allowed, no punning allowed, no punning allowed…)
Certain harmonics seem to fire Dex off…