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What is a sales tax?
A sales tax is a consumption tax imposed by a government on the sale of goods and services. A general sales tax is levied at the point of sale, collected by the retailer, and passed to the government. A business is liable for sales taxes in a given jurisdiction if it has a nexus there, which can be a brick-and-mortar location, an employee, an affiliate, or some other presence, depending on the laws in that jurisdiction.
Why is a sales calculator useful?
A sales tax calculator is useful if you itemize your deductions and claim overpaid taxes on your tax returns. The only thing to remember about claiming sales tax and tax forms is to save every receipt for every purchase you intend to claim.
How is sales tax calculated?
To calculate the sales tax that is included in a company's receipts, divide the total amount received (for the items that are subject to sales tax) by "1 + the sales tax rate". In other words, if the sales tax rate is 6%, divide the sales taxable receipts by 1.06. If the sales tax rate is 7.25%, divide the sales taxable receipts by 1.0725.