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What are different types of taxes?

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What are different types of taxes?

Types of Taxes

  • Consumption Tax. A consumption tax is a tax on the money people spend, not the money people earn.
  • Progressive Tax. This is a tax that is higher for taxpayers with more money.
  • Regressive Tax.
  • Proportional Tax.
  • VAT or Ad Valorem Tax.
  • Property Tax.
  • Capital Gains Taxes.
  • Inheritance/Estate Taxes.

What are the types of business tax?

There are four main types of national internal revenue taxes: income, indirect (value-added and percentage taxes), excise and documentary stamp taxes, all of which are administered by the Bureau of Internal Revenue (BIR).

What taxes do I need to pay for my small business?

List of taxes for small businesses owners:

  • Income tax. Federal and state taxes, as applicable.
  • Self-employment tax. This covers social security and Medicare.
  • Payroll taxes. A small business must pay 7.25 percent of an employee’s gross payroll.
  • Capital gains taxes.
  • Property tax.
  • Dividend tax.
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How many types of business ownership are there?

There are 4 main types of business organization: sole proprietorship, partnership, corporation, and Limited Liability Company, or LLC. Below, we give an explanation of each of these and how they are used in the scope of business law.

What are different forms of income that are taxable?

Taxable Income Categories

  • W-2 Wage or Salary, Independent Contract. Most taxpayers are wage or salary earners which is reported annually on a W-2 Form.
  • Alimony Received.
  • Bartering Income.
  • Canceled or Forgiven Debt.
  • Gambling.
  • Moving Expenses.
  • Pension and Annuity Income.
  • Retirement Plan Income.

Are businesses taxed on revenue or profit?

A corporate tax is a tax on the profits of a corporation. The taxes are paid on a company’s taxable income, which includes revenue minus cost of goods sold (COGS), general and administrative (G&A) expenses, selling and marketing, research and development, depreciation, and other operating costs.

What are the four types of taxes?

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Different Types of Taxes to Know

  • Income Tax. The federal government collects income tax from people and businesses, based upon the amount of money that was earned during a particular year.
  • Property Tax.
  • Payroll Tax.
  • Inheritance/Estate Tax.
  • Regressive, Progressive, and Proportional Taxes.
  • Capital Gains Tax.
  • VAT Consumption Tax.