About Different Types of Taxes
Different types of taxes include income tax, gas tax, sales tax, meals tax, beverage tax, real estate tax, unemployment tax and social security tax. Find out what these different forms of taxes are used for with help from a certified public accountant in this free video on types of taxes.
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Let's talk about the different kinds of taxes that we can be subject to everyday in our lives. Income tax is what comes to mind. Of course that is a tax on the income or revenue that we have earned through the year. There also can be a gas tax, which is a federal and a state tax. You can have a meals tax when you go out to dinner, and pay at the restaurant there will be a meals tax or a beverage tax. Sales tax on items that you buy everyday. Excise tax, which is the tax on personal property. Real estate tax well that is on your real estate of course. And then we have of course unemployment taxes paid by businesses federal and state. So when you are laid off, and you go to the unemployment office those are taxes that you employer has paid. We also have social security tax FICA and Medicare. You have heard about Medicare and social security the situation they are in. That is on wages that you earned, and that is paid in. And this just names a few. There is also a truck heavy duty highway use tax, and as we have these taxes are all many of them are consumption taxes.