TYPES OF TAXES

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TYPES OF TAXES Powered By Docstoc
					                                      Progressive—the
      TYPES OF TAXES                  more you earn the
                                      more you pay               Piggy Back Tax—in
                                                                 MD your paycheck can
               Security Tax—                                     be taxed for both City
               planes, trains,                                   or County Taxes
               hotels etc.                                       (3.2%)
Property                              Income Tax—
Tax                                   National, State
                                      and Local

                                                              Sales Tax—the consumer
                                                              pays (MD 6%)
Tariffs—                                                      V.A.T. (Value Added Tax)—
taxes                                                         the seller pays a tax on things
placed on                                                     he buys to make more stuff
imported              Taxes—is a shared power
goods                 National, State and Local
                      Taxes average @ 33% of
                      your paycheck                                     Registration Fee
  Estate
                                                                        Examples: car
  (Death
  Tax)
                                                          Licensing Fees
                                                          Examples: Job Licenses Doctor,
       Usage                                              lawyer, teacher), fishing,
       Fees                                               hunting etc

                                          F.I.C.A—Social
                                          Security—14%
     Tolls


                                                                               Insurance for
                                                             Medicare          the disabled
  Excise Tax—taxes charges on
  good and services produced
  within the U.S.

  Alcohol
                 Sin Tax—           Gasoline
  and
                 taxes on
  Cigarettes
                 luxury
                 items