Tax Resources

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Income tax: a percentage of generated income that is relinquished to the state or federal government
Payroll tax: a percentage withheld from an employee’s pay by an employer, who pays it to the government on the employee’s behalf to fund Medicare and Social Security programs
Corporate tax: a percentage of corporate profits taken as tax by the government to fund federal programs
Sales tax: taxes levied on certain goods and services; varies by jurisdiction
Property tax: taxes based on the value of land and property assets
Tariff: taxes on imported goods; imposed in the aim of strengthening internal businesses
Estate tax: rate applied to the fair market value of property in a person’s estate at the time of death; total estate must exceed thresholds set by state and federal governments