Types of Federal Taxes
Taxes generally fall into the following broad categories: Income tax Payroll tax Property tax Consumption tax Tariff (taxes on international trade) Capitation, a fixed tax charged per person Fees and tolls Effective taxes, government policies that aren't explicitly taxes, but result in income to the government through losses to the public Income tax Capital gains tax is a tax on the sale of an investment, usually stocks, bonds, precious metals and property.
Most of these consumption taxes, like a retail sales tax or value added tax or the flat tax, or whatever, talk about cleaning out the tax system, all the special exemptions and deductions and credits and stuff like that.
Instead of those taxes, the poor along with the rest of the population will instead be subject to the federal consumption tax on most of what they spend. However, the FCT rebate (explained below), which applies to purchases up to the poverty level, will completely “un-tax” the poor under STR.
Estate Tax The estate tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death.
The effective federal excise tax rate varies depending on the income bracket of the individual with the Top 1% of earners paying about 0.1% in excise taxes and the bottom 40% paying around 1-1.5% in excise taxes. This is largely because of the taxes on gasoline that almost all individuals pay.
Tolls and Parking. You can typically write off your actual expenses for using your car for business, or you can just use the Internal Revenue Service's standard mileage rate, which was 56.5 cents per business mile as of the 2013 tax year. Regardless of which method you choose, you can add in the cost of tolls and parking you incur for business travel.
As you read this, residents of San Mateo County, California, home of San Francisco International Airport, are voting on whether to raise the hotel-occupancy tax from 10 percent to 12 percent. According to a 2011 study from the Global Business Travel Association (GBTA), the effective tax rate on a $100 room in the top 50 U.S. markets ranges from a (not-so) low of 10.5 percent in Burbank, California, to a whopping 18.27 percent in New York City.
To access the applicable IRC sections, Treasury Regulations, or other official tax guidance, visit the Tax Code, Regulations, and Official Guidance page. To access any Tax Court case opinions issued after September 24, 1995, visit the Opinions Search page of the United States Tax Court.
A federal income tax is a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains.
The largest property tax exemption is the exemption for registered non-profit organizations; all 50 states fully exempt these organizations from state and local property taxes with a 2009 study estimating the exemption's forgone tax revenues range from $17-$32 billion per year.
Property taxes generally attach to the property; that is, they become an encumbrance on the property which the current and future owners must satisfy. This attachment, or lien, generally happens automatically without further action of the taxing authority.
The Sales Tax Deduction Calculator can help you determine the amount of optional state and local sales tax you can claim on Schedule A of Form 1040.
A sin tax is an excise tax levied on goods and services deemed harmful to society, such as tobacco, alcohol, and gambling. A sin tax is an excise tax levied on goods and services deemed harmful to society, such as tobacco, alcohol, and gambling.
Taxes. Ad Valorem; Supplemental Taxes; Value-added; Summary; Ad Valorem (1) Any tax imposed on the basis of the monetary value of the taxed item. Literally the term means “according to value.” Traditionally, most customs and excises had “specific” rates; the tax base was defined in terms of physical units such as gallons, pounds, or individual items.
To access the applicable IRC sections, Treasury Regulations, or other official tax guidance, visit the Tax Code, Regulations, and Official Guidance page. To access any Tax Court case opinions issued after September 24, 1995, visit the Opinions Search page of the United States Tax Court.