Taxable Items
Sales taxes are imposed only on taxable transfers of goods or services. The tax is computed as the tax rate times the taxable transaction value. Rates vary by state, and by locality within a state. Not all types of transfers are taxable. The tax may be imposed on sales to consumers and to businesses.
All states exempt certain types of goods from sales and use tax. Those states that tax services tax only certain services. Some states tax certain types of property rentals. Most transfers of intangible property are not subject to sales tax. Definitions become critical.
Read more about this topic: Sales Taxes In The United States
Famous quotes containing the word items:
“In ordinary speech the words perception and sensation tend to be used interchangeably, but the psychologist distinguishes. Sensations are the items of consciousness—a color, a weight, a texture—that we tend to think of as simple and single. Perceptions are complex affairs that embrace sensation together with other, associated or revived contents of the mind, including emotions.”
—Jacques Barzun (b. 1907)