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What You Need To Know About Types Of Taxes
Taxes are paid when one is working or buying any item. For the government to be operational every year they rely on the taxes provided. There are trillions of Dollars collected in federal taxes only in the US government. This amount rises when other forms of taxes are included. Read on for you to know more about the different taxes that are there that you’re supposed to pay.
Income tax is known by many people who work. You need to file for tax returns which is a requirement set by the government. When you pay such taxes you will qualify for a refund where necessary. When you are well aware of your tax deductions and credits you will get a lot more than you expected from your taxes. Income taxes of different type that is the federal, state and local income, FICA and payroll tax. The percentages are not the same depending on the state you currently live in.
Capital gain taxes is one you pay when you decide to sell an asset. The time you have owned the asset will determine the amount to pay. For individuals who are assets for a year or less you will pay short-term capital rates. Long term capital gain is for those who have had properties for many years but comes at a rate that is lower.
There is also the investment taxes which makes a large percentage because it is money that people trade in bonds and stocks. Before investing you will fill out a form that shows you have ordinary income and qualified to do investment.
Property taxes should also be paid and is determined by the value of your land and home. You required to pay this amount yearly depending on the set percentage in your state. The money is budgeted for local issues that occur in your area like sewage drainage, road maintenance, schools and other things. Estate tax should be paid by the person who will take charge of your assets when you die.
Inheritance and wealth that is similar to the estate one because it is transferred to a different person when you no longer there. It is only in six states. You are required to pay goods and services tax when you go and buy goods or services.
Additionally, you are required to pay sales tax when you buy a product at point of sale. Value added tax is applicable for every production process stage depending on the value of the product. Taxes are meant to be paid yearly. Having a better understanding will help you know the amount you need to pay so that you can budget better.