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The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
Taxation. A hotel tax or lodging tax is charged in most of the United States, to travelers when they rent accommodations (a room, rooms, entire home, or other living space) in a hotel, inn, tourist home or house, motel, or other lodging, generally unless the stay is for a period of 30 days or more. In addition to sales tax, it is collected when ...
California has the highest base sales tax rate, 7.25%. Including county and city sales taxes, the highest total sales tax as of September 1, 2013, was in Arab, Alabama, 13.50%. [ 2] Sales tax is calculated by multiplying the purchase price by the applicable tax rate. The seller collects it at the time of the sale.
Qualified Small Business Stock. Qualified Small Business Stock (QSBS) is a tax incentive to drive the investment and founding of small businesses in the United States of America. [ 1] The QSBS regulations are under U.S. Code Section 1202 [ 2] of the Internal Revenue Code (IRC). QSBS is a tax exemption on a federal, and in some cases, a state ...
Renee Spencer, Wilmington StarNews. August 5, 2024 at 5:00 AM. Staying at a hotel in North Carolina likely means paying an additional occupancy tax. Those taxes can vary depending on the location ...
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Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items. Examples include exemption of charitable ...