What is Tax Type?
The field “Tax Type” lets you chose the method in which the tax is calculated for that Space. There are two options for this setting: Fixed or Variable
Fixed Tax Type
A “Fixed” tax type will allow you to charge the same percentage of tax on every transaction (i.e. 7.99% on every transaction). This amount is set by you in the Setup tab of each space under “Tax Amount”.
Variable Tax Type
A “Variable” tax type will allow you to charge a tax percentage based on the local tax rate and regulations of both the buyer and seller. This amount is automatically calculated and does not require an additional “Tax Amount” to be input in the Setup tab.