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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 22:04:34
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How much is sales tax on car in Idaho?
The state sales tax rate in Idaho is 6.000%. With local taxes, the total sales tax rate is between 6.000% and 8.500%.
What is the tax on a gallon of gasoline?
there is no tax on gasoline
What tax do you pay if you buy a car in PA and live in NJ?
You pay NJ tax.
In Michigan Is there gift tax associated with a used car?
if you give a relative a used car in michigan,is there a gift tax
If you live in Tennessee and buy a used car from a dealer in GA do you pay GA tax?
no you don't pay GA sales tax
What determines how the burden of a tax is divided between buyers and sellers?
The burden of tax is divided between buyers and sellers by the forces of supply and demand.
What is the difference between a tax paid by buyers and tax paid by sellers?
the only difference between tax paid by buyers and tax paid by sellers is who sends the money to the government. Manga economics student
In general the incidence of an excise tax is shared between buyers and sellers True or False?
yes
How does elasticity effect the tax incidence?
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.
How does a tax on a good affect the price paid by buyers the price received by sellers and the quantity sold?
Quantitiy is not a factor, as the buyer will pass along the increased cost due to the tax.
How does a tax a good affect the price paid by buyers the price received by sellers and the quantity sold?
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
Do first time house buyers still get a tax credit from the government on their federal income tax return?
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.
Is the tax burden of sin taxes on tobacco products shared equally between consumers and -producers?
no,buyers pay more
Difference between Excise tax and sales tax?
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...
What is input tax?
Your taxable sales only-those from in state buyers who you charged sales tax. (If you do.)
Are there rebates available for first time home buyers?
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.
What are some benefits for mortgages for first time buyers?
First time buyers get tax benefits and begin to build a credit.
