Solved: New car, State sales tax 6% & Local tax 1% Invoice has 2 separate line items for the 2 taxes. TT does not have a way to separate out 2 line item taxes on one purchase?
New car, State sales tax 6% & Local tax 1% Invoice has 2 separate line items for the 2 taxes. TT does not have a way to separate out 2 line item taxes on one purchase?
Also, the purchase price of the car if multiplied by 7% does not add up to the 2 line item taxes, the 2 taxes I paid are less than 7% of the total, I do not know how they figured it. The 6% by itself does calculate out right and equals the 6% tax line item, but the 1% does not. Do I just use the 6% and say the rate is 6%?
New car, State sales tax 6% & Local tax 1% Invoice has 2 separate line items for the 2 taxes. TT does not have a way to separate out 2 line item taxes on one purchase?
For the entry, you can add the amounts together for the entry. There most likely is a cap on the 1% local tax (the amount the locality applies the tax). You can enter the 7% for the combined tax rate even though you actually paid less because of the cap- this is only an issue if you purchased the vehicle in a different location with a higher tax rate.
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New car, State sales tax 6% & Local tax 1% Invoice has 2 separate line items for the 2 taxes. TT does not have a way to separate out 2 line item taxes on one purchase?
For the entry, you can add the amounts together for the entry. There most likely is a cap on the 1% local tax (the amount the locality applies the tax). You can enter the 7% for the combined tax rate even though you actually paid less because of the cap- this is only an issue if you purchased the vehicle in a different location with a higher tax rate.
**Say "Thanks" by clicking the thumb icon in a post **Mark the post that answers your question by clicking on "Mark as Best Answer"
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