The tax is shared by both buyers and sellers when they carry out a transaction. If a seller is selling car, he will have to pay a tax on the income generated while buyer will pay tax on the posession and use of vehicle.
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∙ 2013-08-20 22:04:34The state sales tax rate in Idaho is 6.000%. With local taxes, the total sales tax rate is between 6.000% and 8.500%.
there is no tax on gasoline
You pay NJ tax.
if you give a relative a used car in michigan,is there a gift tax
no you don't pay GA sales tax
The burden of tax is divided between buyers and sellers by the forces of supply and demand.
the only difference between tax paid by buyers and tax paid by sellers is who sends the money to the government. Manga economics student
yes
Tax incidence (the distribution of the tax burden among the buyers and sellers in a market) depends on the elasticity of demand and supply because elasticity measures the buyer and seller's willingness to leave the market when the prices of goods change. The more elastic demand/supply is, the more buyers/sellers will leave the market when the prices rise.Therefore, the tax burden falls more on the side of the market with the smaller elasticity, because a small elasticity means that more buyers/sellers remain in the market when the prices rise due to their being fewer available alternatives.
Quantitiy is not a factor, as the buyer will pass along the increased cost due to the tax.
it will totally depand upon elasticity of supply and demand if it is elastic then iten the tax paid will be by both however if it is inelastic then burden of tax will be laid upon buyer
First time house buyers do still get a tax credit from the government on their federal income tax return. This is a very nice tax credit that helps thousands of new home buyers every year.
no,buyers pay more
Sales tax is what consumers normally pay for, or are charged for a good/ service; and excise tax is the "hidden" tax that the producers or sellers pay for. Sales tax is listed separately. Sometimes producers and sellers include the value of the excise tax within the goods or service as an " indirect tax". So that means, theoretically, sometimes consumers are being taxed twice for the price. You can find more info about sales tax and excise tax at the B.L.S. or the Federal Bureau of Labor and Stats...
Your taxable sales only-those from in state buyers who you charged sales tax. (If you do.)
There is currently an $8000 tax credit to those who purchased a new house in 2009. However, this tax credit only applies to new home buyers, previous home buyers will not qualify for this credit.
First time buyers get tax benefits and begin to build a credit.