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taxation bh

QuestionAnswer
income tax largest tax, Withheld from your paychecks, State and Federal
Sales Tax Taxes added to the price of goods and services Tax is normally divided between state and local governments
Excise taxes Taxes on specific items such asAlcohol, Cigarettes, Gasoline, Telephone service, Air travel, Firearms. Also known as the sin tax
Import duties Items brought into the country are taxedOften results in items from abroad being sold at higher prices than similarly made American-made products
Personal property taxes Taxes on the value of real estate propertyGovernment will estimate the value of propertyTax a percentage of valueOften added to home loan payments and paid by loan institution
Inheritance, gift, and estate taxes Property that is inherited is taxed Only estates that are above a certain amount are taxedGift taxes are taxes on any monetary gifts over $11,000 a year
progressive tax A tax is progressive if the percentage of income paid as taxes rises as income rises
proportional tax everyone pays the same, Also known as the “Flat Tax”
regressive tax A tax is regressive if lower incomes are taxed proportionally more than higher incomes
Created by: Coach Hilton