Income Taxes~ The United States income tax is usually the first thing people think of when they hear the word tax Business taxes~ Also known as corporate taxes, these are direct taxes levied on the profits of businesses Payroll Taxes~These are the taxes that must be deducted from wages paid to employees, and the employer usually must match the amounts. Capital Gains Taxes~In the United States a tax is levied on all income generated from a taxpayer’s capital gains, which are profits from the sale of an asset that was purchased at a lower price. Inheritance Taxes~ The inheritance tax – a/k/a the “death tax” – is a tax that arises from the death of a taxpayer. It is imposed on the transfer of any property or asset transferred as the result of a death. Sales Taxes~ Consumption taxes – a/k/a sales tax – are levied at the point of purchase for specific goods and services. Property taxes~ Property taxes are imposed on property by reason of its ownership. Typically, these taxes are paid on real estate Excise Taxes~Any tax that is based on the value of the product being taxed is considered an excise tax. They are based on the quantity of the product. Gift Taxes~A gift tax is a one that is levied on the transfer of property by one taxpayer to another while receiving either nothing or something with a less than equal value in return. Retirement Taxes~All taxes levied by the government to plan for a taxpayer’s retirement could be considered retirement taxes. Tariffs~ An import or export tariff is one that is paid by the movers of any good through a political border. Tolls~ Tolls are fees charged to drivers who cross through designated bridges, tunnels, and even some roads.
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