By: Brennen Carr
-Sales taxes are imposed by state and local governments on the sale of goods and services. Depending on where your business is located, different goods and services may or may not be taxed. Some cities may not impose sales taxes on grocery items, for example. In general, whether the customer realizes it or not, most businesses must pay sales taxes on their gross receipts.
social security and medicare tax
-Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65. This is typically another line item included on an employee's paystub. At the end of year, the employer will provide the employee with a W-2 and this will include the total amount deducted from the individual's paycheck for the Medicare tax. The tax was implemented under the Federal Insurance Contributions Act.