I'm doing NYS quarterly sales taxes, and wondering what I base the sales tax on?
The ST-100 asks for my gross profit, but what about all my other expenses, why can't I use my net income to base sales tax on? Is it just how I have my quickbooks set up? I'm sure these are really basic, silly questions...but I've never done this before and it's my first business venture=steep learning curve!!
- neoplopLv 71 decade agoFavorite Answer
Sales tax is on... gasp... sales. Gross sales. Not profit.
INCOME tax is on profit. You file income tax for your business on the 1040 Schedule C. This is where you worry about your expenses.
- Anonymous4 years ago
The gown grew to become into marked down 5% off the unique cost of $fifty 5. recommend ($fifty 5 x ninety 5%) or [ ($fifty 5 x 5%) - $fifty 5] = $fifty two.25 The handbag grew to become into initially $22 yet is marked down 15%. recommend ($22 x 80 5%) or [ ($22 x 15%) - $22] = $18.70 handbag + gown $18.70 + $fifty two.25 = $70.ninety 5 + 6% tax [($70.ninety 5 x 6%) + 70.ninety 5 ] or $70.ninety 5 x 106% = $seventy 5.207 or $seventy 5.21