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Types of Income tax

Consumption Taxes What They Are
Consumption Taxes What They Are

A consumption tax (also known as a cash-flow tax, expenditure tax, or consumed income tax) is levied on goods and services that are consumed. While an income tax is based upon income earned from labor or capital, a consumption tax is solely based upon consumption.

Estate Tax, Gift Tax
Estate Tax, Gift Tax

The tax applies whether the donor intends the transfer to be a gift or not. The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return.

source: irs.gov
Estate Taxes What They Are
Estate Taxes What They Are

Frequently Asked Questions on Estate Taxes. ... are there and are they cooperative? Do I need an estate tax ... Frequently Asked Questions on New Tax Rules for ...

source: irs.gov
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Excise Taxes What They Are
Excise Taxes What They Are

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.

Hotel Tax
Hotel Tax

The tax imposed on room rental is Lodging Tax. In Nevada, transient lodging tax and exemptions are set at the city/county level and varies by county. Any specific questions regarding exemptions and rates should be addressed to the city/county where the hotel is located.

source: tax.nv.gov
Income Tax
Income Tax

Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable. A list is available in Publication 525, Taxable and Nontaxable Income. Constructively-received income.

source: irs.gov
Personal Income Taxes What They Are
Personal Income Taxes What They Are

Tax paid on one's personal income as distinct from the tax paid on the firm's earnings. In an incorporated firm, the owners (shareholders) pay taxes on both their income (salary or dividend from the firm) firm's income (profits). In partnerships and sole-ownerships, the tax is paid only once on the firm's profits.

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Progressive Tax System
Progressive Tax System

A progressive tax is a tax in which the tax rate increases as the taxable amount increases. The term "progressive" refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate.

Property Tax
Property Tax

Therefore property tax rates as a percentage of wealth and income are proportionally greater the less wealth that you have. Because property taxes charged to landlords are passed on to renters, renters pay an extreme percentage of their wealth and income in property taxes. While income taxes are more progressive.

source: quora.com
Property Taxes What They Are
Property Taxes What They Are

Property taxes serve as a major source of income for the federal and state governments. In most cases, these taxes come in the form of a percentage, where many different councils, boards and legislatures will decide the appropriate amount of tax revenue that needs to be raised.

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Proportional Tax System
Proportional Tax System

A proportional tax is an income tax system where the same percentage of tax is levied on all taxpayers, regardless of their income. A proportional tax applies the same tax rate across low, middle, and high-income taxpayers.

Regressive Tax System
Regressive Tax System

A regressive tax is a tax applied uniformly, taking a larger percentage of income from low-income earners than from high-income earners. It is in opposition to a progressive tax, which takes a larger percentage from high-income earners.

Sales Tax
Sales Tax

Income tax is a direct tax paid by individuals on their income, sales tax is a pass-through tax charged on a sale Individuals pay federal and (unless you’re lucky enough to live in a state without it) state income tax.

Sin Tax
Sin Tax

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.

United States Taxes
United States Taxes

The states tax non-resident individuals only on income earned within the state (wages, etc.), and tax individuals and corporations on business income apportioned to the state. The United States has income tax treaties with over 65 countries.