Types Of Federal Taxes: The Benefits And Services It Offers
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Types of Federal Taxes
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Types of Federal Taxes
Taxes provide the government with finances to pay for the basic national resources and government services offered to citizens. In the U.S., there are several types of federal taxes. This paper will examine the income, employment, and sales taxes as some of the different types of federal taxes. Income tax is the tax levied by the federal government on any income generated by individuals, estates, trusts, and corporations (Murphy & Higgins, 2018). This tax is based on a certain amount, referred to as a taxable income. According to Murphy and Higgins, (2018) taxable income is calculated by determining the difference between the total income and total deductions allowed to the specific taxpayer. A good example of a federal income tax is the corporate tax, which is levied by the federal government based on the profits generated by a business entity.
Employment taxes are taxes levied on employers and their employees, based on employees’ wages (Murphy & Higgins, 2018). These taxes are important to the federal government as they help it fund Medicare, social security and other insurance-based benefits. A good example is the social security tax, which is levied on wages and salaries under t...
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