Taxes

Types of taxes

There are many different types of tax they include excise, sales, income tax, corporate income tax, property, tax, tariffs, and estate tax.All these taxes are payed to the government and they use this money to fund things such as roads, schools, and public buildings

Sales Tax

Sales tax is a tax you pay when you buy a good or service. Sales tax varies from place to place. Some states sales tax is higher than others. Not every good or service is taxed at the same rate.

Sometimes citizens will even vote to impose a sale tax on themselves for a special purpose.

Excise Tax

This type of tax only applies to certain products. Usually imposed on items such as alcohol and tobacco. this type of tax is not listed on the receipt.

Income Tax

Tax you pay on money you receive from various sources. Banks pay interest on money you keep in your savings account. When you Invest money in stock it is taxable. Federal income forms are due every year by April 15th.

Corporate Income Tax

is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Federal tax rates on corporate taxable income vary from 15% to 39%.

Property Tax

is a levy on property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state, a county or geographical region, or a municipality.

Estate Tax

tax collected when a person dies often called death taxes. This type of tax is usually only imposed on people with a lot of assets. You must have 5 million dollars in assets to be effected by this tax

Tariffs

Tariffs are taxes on good that is imported to the U.S. The purpose of this tax is to help the U.S. compete with other countries.