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Taxation

482 bytes added, 22:36, January 13, 2009
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Taxes can include:
*[[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 or exported goods and services
*[[Property tax]]es on the value of one's [[real estate]] holdings
*[[Sales tax]]es on marketplace transactionspurchases of goods**(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
*[[Estate tax]]es on inheritances
*[[Poll tax]]es required in order to vote; they are voluntary*[[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
*[[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]] 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); it is common in Europe and not used in the U.S.
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.
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