In this video, we're going to discuss the concept of excise taxes. An excise tax is a tax imposed specifically on certain goods and services. It is not a broad tax like a sales tax. Examples of items typically subject to an excise tax include fuel, gasoline, alcohol, beer, cigarettes, air travel, and phone service. While it may not be as broad as a sales tax, the excise tax can be quite high on these items. For instance, a package of cigarettes may have a federal excise tax of $1.00 per pack. It's important to note that both the federal and state governments can impose excise taxes. Now let's compare the excise tax to a sales tax. An excise tax affects fewer goods and services than a sales tax. When you go to a grocery store or retailer, most items won't have an excise tax, but they will be subject to sales tax. The applicability of excise tax is narrower. Another difference is in the calculation method. While sales tax is usually a percentage of the retail price, excise tax is often calculated per unit, such as per package of cigarettes or per gallon of gasoline. Additionally, excise taxes are somewhat hidden compared to sales taxes. They are not as apparent or openly shown.
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What is excise tax Form: What You Should Know
EFT-F 5000.24SM. BARNES & NOBLE, INC. (hereinafter “Company”). Cc: TSB-7B-912-2 RULES FOR THE COMPANY'S EXCISE TAX RETURN 1. Filing Form 720. 3. Filing separate Teds to which one TTD is attached. 4. Filing separate F-1s with a credit line and a debit line. 5. Filing separate C-10s and C-40s with a credit line and a debit line. 9. Filing separate Form 4060 with a credit line and a debit line. 10. Filing Forms 5320-T (1) through 5320-T (21) and 5340-T (1) with a credit line and a debit line. These form must be filed with the Form 720 for filing. 11. Filing Form 740 with a credit line and a debit line. This form must be filed with the Form 720 for filing. 11. C-10/C-40/C-60 are forms filed with the Form 720. 12. Filing Form 3903 with a credit line and a debit line. This form must be filed with the Form 720 for filing. 13. C-20s and C-40s are forms filed with the Form 720. 14. Filing Forms 5320-T (2), (20), 5320-T (41), and 5320-T (48) with a credit line and a debit line. These form must be filed with the Form 720 for filing. 15. Filing Form 710 with a credit line and a debit line. These form must be filed with the Form 720 for filing. 16. Filing Form 1049 to report payment of excise tax on taxable business income of the company in the current tax year. Form 1049 is considered the taxpayer's federal excise tax return for payment. This form is due on the 15th. 17. Filing Form 15 with credit line and a debit line. 18. This must be filed for taxes previously paid. 19. This must be filed for taxes paid for 2016. 20. This must be filed for taxes to be paid for 2017. 21. TSB has authorized payment of taxes on behalf of the Company for fiscal year 2024 by Form 760-S. 22.
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