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Tax terminology

SOLVEDby QuickBooks4Updated 1 year ago

Here are a few words you will use a lot if your company collects tax.

WordHow it relates to tax setup
Tax agencyThe government agency that sets the requirements for tax collection and payment.
Tax codeThe identifier that you use on forms to charge tax.

The tax code is associated with a rate.

Tax rateThe rate is used to calculate the appropriate tax for each transaction.

Each tax rate links to a specific box of the tax return. There can be separate rates for things you sell and things you buy.

To see all of your tax rates, go to the Taxes page and click Edit <Tax Agency Name> - Edit rates. E.g. Edit GST - Edit rates.

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