Types of Taxes in the United States

Taxes on Income:

• Income Tax: (Corporate and Individual) - Federal, State and Local - Taxes on Total Earned Income

• Self Employment Tax: Tax on Self-Employed income - usually through a business

• Payroll Taxes: Taxes on Wages earned, usually through a W-2

• Estate Tax: Tax on Trensfer of Assets to other people as gifts and/or when taxpayer dies

Taxes on Property

• Real Estate Property Tax: Tax on appraised value of a real estate property

• Personal Property Tax: Tax on the property owned by a business and paid to a state or local jurisdiction where the business is located

Taxes on Goods and Services:

• Sales and Use Tax: Also known as consumption tax, tax on sales of goods and services

• Excise Tax: Can be considered a sin tax, tax on sales of specific goods and services such as alcohol, tobacco, firearm, etc.