What are the Various Taxes?
We all know that we have to pay taxes and I’m sure we all know that there’s a lot of different taxes that we have to pay. This article will help you understand the various taxes as they’re broken down into their related categories: income taxes, investment taxes, and other taxes. Income Taxes As their name suggests, income taxes are taxes that you pay on your income. So if you make any money from a job that you might have, the government expects you to give them a portion of your income. They use a number of different taxes to ensure that they get a share of it. Federal Income Tax: The government uses a federal income tax to raise money for government programs like defense and education. The United States has a progressive tax system, which means that people who make more money pay higher tax rates. So someone who makes very little money may only pay 10% in federal income taxes while someone who has a very high income can pay as much as 35% in just federal taxes. In order to determine
