When you purchase an item in a store, you may be charged

When you purchase an item in a store, you may be charged Sales Tax

Further explanation

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

Learn moreLearn more about purchase  Learn more about Taxes Learn more about Trade Answer details

Grade: 9

Subject: Math

Chapter: Taxes and Trade

Keywords: Taxes, Trade, item, store, purchase