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Different Types Of Taxes To Pay
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. Federal taxes amount to about 2 trillion dollar in the US. When you include any other type of tax is the total income becomes much more. This article provides you with everything you need to know about taxes.
Income taxes is the most familiar one among many people who work. You need to file for tax returns which is a requirement set by the government. You will also be able to find out if you fit the qualifications to get a tax refund. 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. All of them are different things and vary depending on the state you live in.
Capital gain taxes is one you pay when you decide to sell an asset. The total amount you will be required to pay will be determined by how long you have owned the property. The short-term capital gain rates is meant for individuals who have owned properties for one year or less. Long term capital gain is for those who have had properties for many years but comes at a rate that is lower.
Investment taxes for those who enjoy trading stocks and bonds. If you are interested in investing in mutual funds and stocks there is a form that you are given to determine whether you are qualified and have ordinary income.
There is also have property taxes which is calculated based on the value of the land and home. It is paid yearly and the percentage worries depending on the state you live in. 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 used in only six states. You are required to pay goods and services tax when you go and buy goods or services.
Additionally, there is the sales tax that is charged on any item no purchase at the point of sale. Value added tax is applicable for every production process stage depending on the value of the product. You will note that everyone pays different taxes each year. It is important to have a good understanding of taxes so that you can budget well.