When you purchase an item in a store, you may be charged Sales Tax
<h3>Further explanation
</h3>
Taxes are the price that we pay for the civilized society. There are kinds of taxes in the U.S such as sales tax, capital gains tax, income tax:
- A sales tax is the consumption tax urged by government on the sale of goods and services. A sales tax is levied at the point of sale, collected by the retailer then and passed on to the government.
- While capital gains tax. It is a tax on the profit realized on the sale of a non-inventory asset. The common capital gains are the sale of stocks, bonds, precious metals, real estate, property.
- An income tax is a tax imposed on individuals varies with income or profits. Income tax is the product of a tax rate times taxable income.
When you purchase an item in a store, you may be charged Sales Tax because an item in a store categorized as goods and services
<h3>Learn more</h3>
- Learn more about purchase brainly.com/question/4581368
- Learn more about Taxes brainly.com/question/1441489
- Learn more about Trade brainly.com/question/11983009
<h3>Answer details</h3>
Grade: 9
Subject: Math
Chapter: Taxes and Trade
Keywords: Taxes, Trade, item, store, purchase
