What's Taxable
Consignments sales are subject to Sales Tax.
True
Returned Merchandise can be ____________ on the back of the ST-3.
Deducted
The tax rate for the South Carolina portion of tax is __________%.
6%
Use Tax applies to a transaction between an ____ __ _____ seller and a purchaser of tangible goods.
Out of State
Property taxes can be lowered by what type of tax?
Local Option Sales Tax
_______ ________ _______ is essentially the price at which you would sell the item at retail.
Fair Market Value
_______________ labor can be deducted on your ST-3.
Installation Labor
If somebody is 90 years old they pay ________% state tax.
5% if you are 85 years or older.
Use tax is _____________ to the sales tax
Complimentary
Transportation Taxes are imposed to defray the debt service on __________ issued for various transportation projects
Bonds
Leases and Rentals are subject to ________ & _______ Tax.
Sales and Use
Fabrication Labor is the cost to make an item and is not subject to a deduction. Ex. the labor used to arrange flowers.
True
Sales Tax is levied on sales made by any person or _______ operating in South Carolina.
Entity
The ___________ is liable for the Use Tax and a _________is liable for Sales Tax.
Purchaser and Vendor
What area imposes a tax specifically for tourism advertisement and promotion directed at non-South Carolina residents.
Myrtle Beach
Free on Board (FOB) shipping and _____________ charges are part of Cost of Goods sold and are Taxable.
Delivery
____________ - ins are a legitimate deduction
Trade-ins
An example of a Service (found in the tax code) that is subject to sales tax includes this type of cleaning service_________________.
Laundry Services
Credit for taxes paid AND legally due another state. To be DUE another state, goods must be ______ in that state. ex. I am on vacation in California and buy groceries.
delivered
All transactions exempt from the Food Tax are still subject to the 1% Local Taxes.
False. Exceptions depends on the County.
Interest rates used to purchase inventory is part of _____ __ _________ ___________.
Cost of Goods Sold
This type of debt is allowed to be deducted on a sales tax return.
Bad Debts
I run an internet business, do I still have to charge Sales Tax?
Yes
Use tax can be filed on what forms __________ __________ _____________
ST-3, UT-3, or Income Tax Return.
Imposed to pay debt service on general obligation bonds and/or cost of capital improvements for schools is what type of tax ______________.
School District Tax