Gasboy CFN III Mgnr's Mnl V3.4 - Manual (Page 82)

Setting Up Tax Tables How to Set Up a Tax Table
Page 66 MDE-4315 CFN Series CFN III Manager’s Manual for Windows NT · August 2004
How to Set Up a Tax Table
There are five major steps involved in setting up a tax table:
“1. Prepare a Compressed Description of Tax Data” on page 66
“2. Allot Storage Space for Your Tax Information” on page 69
“3. Assign a Tax Number and Name to Each Table” on page 70
“4. Build a Tax Table” on page 70
“5. Back Up Your Tax Data” on page 73
This chapter explains how to complete all those steps. It also explains how to
use TAX to print your tax information and how to update a tax table when tax
rates change.
1. Prepare a Compressed Description of Tax Data
If your local taxing authorities require a tax lookup table, Gasboy or your local
distributor may already have a compressed (short and concise) description of it.
Otherwise, use the instructions in this section to compose a compressed
description of each tax table you will use. (An example of a compressed
description follows item 7 in the list immediately below.)
1 Obtain a complete tax lookup table from the taxing authorities. Using the
instructions in this section, you will examine your tax table and prepare a
compressed description of it. Then you will enter the compressed description
into the CFN3 software.
2 You will need to determine what type of tax table you are using, type 1 or type
2.
• Type 1 taxes are determined from a lookup table only.
• Type 2 breaks the taxable amount into two parts. The first part is a whole
dollar amount, with its tax calculated at a percentage, possibly rounded. The
second part of the taxable amount is the remainder after the whole dollar
amount is taken out. Its tax is calculated by the table lookup (similar to the
type 1 lookup table). The total tax is the sum of the tax on the two parts.
3 Construct a worksheet for the tax table. Include the following columns (refer to
the sample graphic that follows):
From In this column, write the low amount in each range of taxable amounts
for which a constant tax amount applies. For example, a customer may
pay a tax of $0.03 on any sales amounts from $0.46 to $0.63. You will
place $0.46 in the From column for that range.