I Can Understand Types of Taxes
By Josue Salazar
A tax on earned income that supports the Social Security and Medicare programs (also known as FICA). Individuals who earn income pay this type of tax.
A type of tax on earned and unearned income. Taxes for the money earned from your job and taxes for the money earned from sources other than employment.
A tax on property such as land, buildings (including homes), and motor vehicles. Percentage of property value.
Tax on purchased goods and services. A percentage added to the original price of an item.
Taxes collected from the seller or retailer and as such often remain hidden in the price of a produce and service.