Final answer:
The seller is responsible for collecting and remitting sales taxes to the state in a sales transaction. This process involves applying a percentage to the sale price, with varying rates and exemptions based on jurisdiction.
Step-by-step explanation:
The seller is generally responsible for collecting sales taxes on applicable transactions and remitting them to the state. When a consumer makes a purchase, sales tax is calculated as a percentage of the sale price. This tax must then be reported and paid by the seller to the state government according to local tax laws. Certain goods and services may be exempt from sales tax, and rates can vary widely depending on the jurisdiction.
Furthermore, the economic burden of sales taxes can fall differently on consumers and sellers depending on the elasticity of demand and supply for the taxed goods or services. If the demand is relatively inelastic, consumers end up bearing most of the tax burden, while if the supply is more inelastic, the sellers absorb a larger portion of the tax cost.