How Does Sales Tax Affects Your Online Purchases?
In a recent infographic about global taxes, Villanova University covered a wide range of taxes we commonly come across. Sales tax is certainly among the most frequently paid taxes for consumers, affecting everything from groceries to online purchases we make from top stores. Sales tax is also added to a wide range of items, including the gadgets you pick up online.
There are basically two types of sales tax. The first one is inclusive sales tax. According to the university’s Online Master of Science in Analytics department, inclusive sales tax is added to the cost of goods sold directly, so customers don’t really see it added to their receipts. On the other hand, exclusive sales tax is the one you see at the bottom of the receipt, usually listed as Tax.
You can learn more about sales tax as well as various other types of tax by reviewing the complete Global Taxes infographic by Villanova University.