This is a two-part assignment. I want to expose you to another deduction that arises with micro and small businesses. That is Tax-in-Gross. If you say it carefully you may be able to visualize why this is a deduction. A food truck is a good example as is a vendor at a farmers market. For ease of pricing on customers, these small vendor businesses will often embed the sales tax into the menu or item pricing. As an account you will often have to back that sales tax out to find what the sales are for the month (in this case). Okay, I need you to answer a couple questions before we do a little practice. 

What is the local sales tax rate for downtown Spokane? 

What is the combined sales tax (remember Washington State sales tax is 6.5%) ? 

 

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