TackleTester Posted May 2, 2005 Report Share Posted May 2, 2005 Is there a Federal Excise Tax on the baits sold....I am almost sure there is and was wondering how much money they want for us per sale....>Say you sell each bag for $3.99...How much would the tax be....Thanks in advance. Catch em up Brian BTW, how is it that the gov't takes all our money and the country still has a debt.....lol....just kidding Quote Link to comment Share on other sites More sharing options...
Kamakazee Posted May 2, 2005 Report Share Posted May 2, 2005 Yes, there is, 10% of the sales price. Quote Link to comment Share on other sites More sharing options...
millsryno Posted May 2, 2005 Report Share Posted May 2, 2005 Whoa...can somebody explain this Excise Tax to me? I am trying to run a legitamite business and know nothing about this... Quote Link to comment Share on other sites More sharing options...
nova Posted May 2, 2005 Report Share Posted May 2, 2005 We have a 15% tax on almost everything we sell up here.(retail) 7% wholesale. That's the main reason we have free health care. Quote Link to comment Share on other sites More sharing options...
Kamakazee Posted May 3, 2005 Report Share Posted May 3, 2005 Talk to your accountant , they will be able to get you that info. Quote Link to comment Share on other sites More sharing options...
Mojo Posted May 3, 2005 Report Share Posted May 3, 2005 We have a 15% tax on almost everything we sell up here.(retail) 7% wholesale. That's the main reason we have free health care. So it's 10% here and NO health care. Figures... Quote Link to comment Share on other sites More sharing options...
millsryno Posted May 3, 2005 Report Share Posted May 3, 2005 I did a little research on this and I found some good info I'd like to share incase others, like myself, are new to this: Manufacturer's Taxes If you manufacture, produce, or import taxable articles, you must pay an excise tax when you sell the articles. Loosely called manufacturer's taxes, these apply to: A manufacturer: any person who produces a taxable article from new or raw material, scrap, salvage, or even junk material. An importer: a person who brings an article into the United States, or withdraws an article from a customs bonded warehouse for sale or use in the United States. The government imposes a manufacturer's excise tax when the manufacturer (or importer) sells an item. The tax rate varies according to the product being sold. For example, following are the different tax rates for sporting goods: Companies that manufacture sport-fishing equipment such as rods, poles, lures, baits, hooks, tackle boxes, baskets, fishing vests, rod holders, and fishing outriggers pay a 10 percent manufacturer's excise tax. Companies that manufacture electric outboard boat motors and sonar devices pay a three percent manufacturer's tax. However, the tax on a sonar device can't exceed $30. Companies that manufacture bows pay an 11 percent tax on the sale of any bow having a draw weight of 10 pounds or more. Companies that manufacture arrows pay 12.4 percent of the sale price on any shaft that measures? 18 inches or more. If the arrows are less than 18 inches but suitable for use with a taxable bow (those with a draw weight of 10 pounds or more), they are also taxed. Quote Link to comment Share on other sites More sharing options...
Mojo Posted May 3, 2005 Report Share Posted May 3, 2005 Hey Millsryno, where did you get the info? My wife also manufactures and I need to check on her tax bracket as well. Quote Link to comment Share on other sites More sharing options...
millsryno Posted May 3, 2005 Report Share Posted May 3, 2005 http://www.turbotax.com/articles/ExciseTaxes.html Quote Link to comment Share on other sites More sharing options...
Mattlures Posted May 3, 2005 Report Share Posted May 3, 2005 Ok here is how you beat the tax. Only the manufacturer pays the tax. not the retailer or distributor,SOOOOOOOOOO. You make two companies one a manufacturer and the other a distributor or wholesaler or whatever. Then your manufacturing company sells to your other company for 50 cents and your manufacturing co. pays a 5 cent tax and your other company then sells the worms for$3.99 and pays NO excise tax! Its really not that difficult and if you are making decent money it is definitely worth the time. Mattlures are only distributors. They are actually manufactured by Matt&Louie manufacturing. Get it Quote Link to comment Share on other sites More sharing options...
overkill Posted May 3, 2005 Report Share Posted May 3, 2005 We have a 15% tax on almost everything we sell up here.(retail) 7% wholesale. That's the main reason we have free health care1-its not free if you are paying for it in sales tax 2-From what I heard it is a ridiculus mess up there Quote Link to comment Share on other sites More sharing options...
TackleTester Posted May 4, 2005 Author Report Share Posted May 4, 2005 Holy Mackeral!!!!!!!!!! 10%!!!!!!!!......lol......Okay, that's pretty tough but oh well.....Thanks for the replies.......I can still handle that...>At age 16, I don't have to make a ton of money.....The business is just so I can have a free hobby Catch em up Brian Quote Link to comment Share on other sites More sharing options...
onlybass Posted May 4, 2005 Report Share Posted May 4, 2005 There is more accurate info on this site in previous posts.Do a search on this site for the word excise.Look for replies by Joe or Gr8tflyz.This is also known as the Wallop-Breaux Tax(google this) and is earmarked for state and federal parks.As of yet it has not been raided for other uses.Consult an accountant. Quote Link to comment Share on other sites More sharing options...
