Below are the important types of taxes in United States of America
- Income TaxA tax paid by individuals to the government, the amount of w...: The federal government, 43 states and many local municipalities levy income taxes on personal and business revenue and interest income. In most cases, income taxA tax paid by individuals to the government, the amount of w... brackets are progressive, meaning that the greater the income, the higher the rate of taxation.
- Sales TaxKnown as VAT (Value Added Tax) in the UK. A tax based on the...: Sales taxKnown as VAT (Value Added Tax) in the UK. A tax based on the... is a state taxA fee imposed by a government on personal or corporate incom... added to any item sold, except for certain food items. Sales taxKnown as VAT (Value Added Tax) in the UK. A tax based on the... may vary by city and county. There is no way to get a refund of sales taxKnown as VAT (Value Added Tax) in the UK. A tax based on the....
- Property TaxA fee imposed by a government on personal or corporate incom...: Property taxA fee imposed by a government on personal or corporate incom..., sometimes known as an ad valorem taxA fee imposed by a government on personal or corporate incom..., is imposed on the value of real estateAlso called Realty. Property consisting of land with permane... or other personal property. Property taxes are usually imposed by local governments and charged on a recurring basis.
- Estate TaxA fee imposed by a government on personal or corporate incom..., Gift TaxA tax payable on gifts over a certain annual value made duri...: Your estate is the property you leave behind when you die. If you leave behind more property than the standard limit, or want to give away property when you are alive, your heirs will have to pay heavy taxes for this, sometimes as much as 50% or more in order to receive that property. These are called estate taxes and gift taxes.
- Excise TaxA fee imposed by a government on personal or corporate incom...: Excise taxes are based on the quantity of an item and not on its value. For example, the federal government imposes an excise taxA fee imposed by a government on personal or corporate incom... of 18.4 cents on every gallon of gas purchased, regardless of the priceThe amount of money required to purchase something or to bri... charged by the seller. States often add an additional excise taxA fee imposed by a government on personal or corporate incom... on each gallon of fuel.
- Sin TaxA tax on certain goods or services which are considered bad ...: Sin taxes are imposed on items like cigarettes and alcohol.
- Luxury TaxA fee imposed by a government on personal or corporate incom...: Luxury taxes are imposed on certain items, such as expensive cars or jewelry. Generally the range of rates in this section will be high.
- Hotel TaxA fee imposed by a government on personal or corporate incom...: Most hotels charge taxA fee imposed by a government on personal or corporate incom... on top of their regular room rate. Some hotels also charge a luxury taxA fee imposed by a government on personal or corporate incom..., occupancy taxA fee imposed by a government on personal or corporate incom..., and city taxA fee imposed by a government on personal or corporate incom....
