Tax rates
Tax rates are the percentage rates of tax that are imposed by tax authorities. Tax rates are used to calculate the percentage that is applied to taxable transaction amounts. After you have defined your tax codes and assigned tax rates to your tax codes, your taxes are automatically calculated. Because tax rates are not tied to your company, you can change them at any time.
Secondary tax rates are used to separate out single tax rates. For example, to split one tax rate between two authorities, such as county and state, you can set up a secondary tax rate.