What are the 12 types of taxes?

Learn about 12 specific taxes, four within each main category—earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes; buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes; and own: property taxes, tangible personal property taxes, estate and inheritance …

Types of Taxes

• Consumption Tax. A consumption tax is a tax on the money people spend, not the money people earn.
• Progressive Tax. This is a tax that is higher for taxpayers with more money.
• Regressive Tax.
• Proportional Tax.
• VAT or Ad Valorem Tax.
• Property Tax.
• Capital Gains Taxes.
• Inheritance/Estate Taxes.

What are the four main types of taxes?

This article throws light upon the four main types of taxes charged on taxpayers. the types are: 1. Direct and Indirect Taxes 2. Proportional, Progressive, Regressive and Degressive Taxes 3. Specific and Ad-Valorum Duties 4. Value Added Tax (VAT). Type # 1. Direct and Indirect Taxes:

What kind of taxes do I have to pay?

1 Individual Income Taxes. An individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns. 2 Corporate Income Taxes. 3 Payroll Taxes. 4 Capital Gains Taxes. …

What are the different types of direct taxes?

Direct taxes are one type of taxes an individual pays that are paid straight or directly to the government, such as income tax, poll tax, land tax, and personal property tax. Such direct taxes are computed based on the ability of the taxpayer to pay, which means that the higher their capability of paying is, the higher their taxes are.

What are the two types of consumption taxes?

Two common types of consumption taxes are sales tax and value-added tax. Sales tax applies to goods and services you buy. You pay them at the point of sale. There is no sales tax at the federal level, but states, cities and local districts may all have their own taxes.