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A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are usually ...
Gross receipts tax GRT rates by county (not including cities) New Mexico does not have a state sales tax. However, the state imposes a gross receipts tax (GRT) on many business transactions. This resembles a sales tax, but unlike most states' sales taxes it applies to services, as well as tangible goods. Normally, the provider or seller passes ...
Generally, taxable income for a corporation is gross income (business and possibly non-business receipts less cost of goods sold) less allowable tax deductions. Certain income, and some corporations, are subject to a tax exemption. Also, tax deductions for interest and certain other expenses paid to related parties are subject to limitations.
Taxable income is gross income less adjustments and allowable tax deductions. Gross income for federal and most states is receipts and gains from all sources less cost of goods sold. Gross income includes "all income from whatever source", and is not limited to cash received.
Arizona has a transaction privilege tax (TPT) that differs from a true sales tax in that it is a gross receipts tax, a tax levied on the gross receipts of the vendor and not a liability of the consumer. Vendors are permitted to pass the amount of the tax on to the consumer, but remain the liable parties for the tax to the state.
The city recorded $3.45 billion in taxable gross receipts from local businesses for fiscal year 2021 running from July 1, 2020, to June 30, with business occupancy restrictions in place the entire ...
The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, and by municipal governments in West Virginia and Kentucky. It is a type of gross receipts tax because it is levied on gross income, rather than net income.
Taxable income is the portion of your gross income that the government deems subject to taxes at both federal and state levels. Your taxable income is what’s left over after certain deductions ...