Types of Taxes

2. imposed on the sale of specific goods or services, or on certain uses like fuel, tobacco, alcohol and other goods and services.
5. applied on the profits from the sale of an asset such as a stock, or a property.
7. applied on income to fund the medical care for people over the age of 65. Together with the Social Security tax, they make up the FICA tax.
8. used by the U.S. federal government to fund retirement, disability, dependents, and survivors benefits.
10. imposed on an individual’s assets after they die. In the U.S.the IRS exempts estates of less than $11.58 million.

1. paid on things that you own, such as a house. It is usually collected by the local government and is used to fund local government agencies such as police officers, firefighters or schools.
3. applied to any good that is purchased and are generally calculated as a percentage of the purchased good.
4. the tax on money or property that one living person or corporate entity gives something of value to another. Any gift worth more than $15,000 (per year) would be subject to this tax.
6. imposed by the government on any income generated by an individual or a business.
9. paid on imported or exported goods. In the U.S. only imports are subject to this tax because exports are not subject as a result of the Import-Export Clause of the U.S. Constitution.