The average American worker pays about 1/4 of their income to taxes. Some people pay taxes that others don't based on annual income amongst other factors. Medicare, social security and sales tax are some of the common taxes all Americans pay. Federal, state, and local taxes are paid based on how much the government needs.
Federal Tax:
Income tax- collected from rent, salaries, wages, and interest on bank accounts
Estate tax- collected from the deceased estate
Excise tax- taxes paid for alcohol, gas and tobacco
Payroll tax- only collected from salaries and wages
Gift tax- collected during the property of property
State Tax:
Inhereitance tax- collected from a person after they have inhereted from the deceased
Estate tax- collected from the deceased estate
Excise tax- taxes paid for alcohol, gas and tobacco
City/Local Tax:
Property tax- collected from financial assets including stocks, houses and cars
Excise tax- taxes paid for alcohol, gas and tobacco
THATS ALL FOLKS...
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment