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| | Taxes can include: | | Taxes can include: |
| − | *[[Tariff]]s on imported or exported goods and services | + | *[[Payroll taxes]] are the state and federal taxes that employers must withhold and/or to pay on behalf of employees. Employers withhold state and federal income taxes as well as social security and Medicare taxes from the employees' wages. Employers are also required to pay a matching amount of social security and Medicare taxes for each employee and to pay state and federal unemployment tax |
| | + | |
| | + | *[[Tariff]]s on imported goods |
| | *[[Property tax]]es on the value of one's [[real estate]] holdings | | *[[Property tax]]es on the value of one's [[real estate]] holdings |
| − | *[[Sales tax]]es on marketplace transactions | + | *[[Sales tax]]es on purchases of goods |
| − | **(The preceding three are examples of ''[[ad valorem tax|ad valorem]]'' taxes) | + | **(The preceding three are examples of ''[[ad valorem tax|ad valorem]]'' taxes), based as a percentage of value |
| | *[[Income tax]]es on money that is earned | | *[[Income tax]]es on money that is earned |
| | *[[Estate tax]]es on inheritances | | *[[Estate tax]]es on inheritances |
| − | *[[Poll tax]]es required in order to vote | + | *[[Poll tax]]es required in order to vote; they are voluntary |
| − | *[[Rooms and meals tax]]es, charged on [[restaurant]] and [[hotel]] purchases | + | *[[Rooms and meals tax]]es, charged by local government on restaurant and hotel purchases |
| | *"[[Sin tax]]es" which are applied to socially disapproved products such as tobacco and alcohol | | *"[[Sin tax]]es" which are applied to socially disapproved products such as tobacco and alcohol |
| | *[[Pigovian tax]]es are applied to correct [[negative externalities]] | | *[[Pigovian tax]]es are applied to correct [[negative externalities]] |
| − | *[[Toll]]s are fees paid by users of a specific piece of [[infrastructure]], like a [[road]] or [[bridge]] | + | *[[Toll]]s are fees paid by users of a specific piece of [[infrastructure]], like a tollroad or toll bridge |
| − | *[[Value Added Tax|Value added tax]] is charged to manufacturers on the increase in value from raw materials to finished product (and of course passed along to consumers of the product) | + | *[[Value Added Tax|Value added tax]] is charged to manufacturers on the increase in value from raw materials to finished product (and of course passed along to consumers of the product); it is common in Europe and not used in the U.S. |
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| | Most systems of taxation not only use a combination of several of these, but have many exceptions (and loopholes) from universal application - for instance, a sales tax might not apply to food or clothing. | | Most systems of taxation not only use a combination of several of these, but have many exceptions (and loopholes) from universal application - for instance, a sales tax might not apply to food or clothing. |