03-02-2018, 06:40 AM
Well........sort of....
Say a retailer sells something at $100. Instead of collecting the tax from the customer, he just adds it to the price to make it $104.
Receipt will say $104 tax included, right?
So when the retailer reports sales, don’t the receipts need to match reported sales? If so, then the tax due would actually be $4.17 on that particular sale because the tax is 4% on gross receipts.
I can see a little savings if there is a high volume of cash customers, like a 7-11, tho, but the retailer would still eat that $.17 per$100...
Say a retailer sells something at $100. Instead of collecting the tax from the customer, he just adds it to the price to make it $104.
Receipt will say $104 tax included, right?
So when the retailer reports sales, don’t the receipts need to match reported sales? If so, then the tax due would actually be $4.17 on that particular sale because the tax is 4% on gross receipts.
I can see a little savings if there is a high volume of cash customers, like a 7-11, tho, but the retailer would still eat that $.17 per$100...
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