TAXES AND GOVERNMENT

DIFFERENT TYPES OF TAXES

• There are lots of different taxes
• Most taxes go to the Federal Government
• Some taxes go to states
• Most of the taxes collected by the government goes to military
• Only a small percentage goes to education

PAYROLL TAX

• These are the taxes that must be deductible
• Deductible from wages paid to employees
• Employer usually must match the accounts
• Includes federal withholding ,disability,and Medicare

INHERITANCE TAX

• Also known as death tax
• A tax that arises from the death of taxpayers
• It is imposed on the transfer of any property
• An asset that is transferred as result of death

SALES TAX

• Are levied at the point of purchase for specific goods
• Usually is a percentage determined by the levels of government
• Individual state and local taxes the exact rate you pay will vary widely.
• Use or consumption of tangible personal property in states

http://everythingfinanceblog.com/12-different-taxes-that-americans-pay.html

http://dor.mo.gov/business/sales/#sales

http://www.investopedia.com/terms/p/payrolltax.asp