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How is the two percent timely payment allowance calculated?

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How is the two percent timely payment allowance calculated?

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On all sales tax returns filed and paid by the required due date, you are granted a 2 percent timely payment allowance. Take the amount of tax due times 2 percent. Then subtract this amount from the amount of tax due. Example: $100.00 tax due $100.00 x 2% timely allowance = $2.00 $100.00 – $2.00 = $98.00 In this example, the amount of tax due is $98.

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On all vendor’s use tax returns filed and paid by the required due date, you are granted a 2 percent timely payment allowance. Take the amount of tax due times 2 percent. Then subtract this amount from the amount of tax due. Example: $100.00 tax due $100.00 X 2% timely allowance = $2.00. $100.00 – $2.00 = $98.00 In this example, the amount of tax due would be $98.00.

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On all sales tax returns filed and paid by the required due date, you are granted a 2 percent timely payment allowance. Take the amount of tax due times 2 percent. Then subtract this amount from the amount of tax due.

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