What kind of taxes do adults have to pay ?How much are they?Which is the highest and which is the lowest?

Question

I need this info for my essay.Please help.

Answer 1

Income Tax
Property Tax (if they own a house)
Capital gains tax (These are taxes on gains made from selling investments)
Sales Tax (anyone who buys something has to pay this tax)

There are lots of taxes...check out Wikipedia it lists other types of taxes that I cannot remember
http://en.wikipedia.org/wiki/Tax (but don't rely solely on Wikipedia for help... remember info found on Wikipedia can be written by anyone so just use this site a a jumping off point for your research then look up info from more reputable sites)

Good luck with your essay

Answer 2

There are several levels of taxes. An employee fills out a W4 when starting a job and gets a W2 at the end of the year listing the gross wages earned, all the taxes paid by the employer, etc. See what a W2 looks like here: http://www.irs.gov/pub/irs-pdf/fw2.pdf

Federal which includes:
Federal Withholding - FWH
Social Security - FICA
Medicare (sometimes included in FICA amount)
This is handled thru the federal tax return

State which includes:
State Withholding - SWH
Disability - SDI

Sometimes there are city, etc. taxes that are paid thru the state tax return.

This is NOT a complete list. It would probably impress your teacher if you completed your essay by interviewing a bookkeeper or tax preparer. Call your local H&R Block and ask if you can intererview or speak with a tax preparer.

Answer 3

On your wages > Federal Income tax , social security tax , medicare , state income tax , state disability tax
On home > property tax
On vehicle > license fees & various taxes .
When shopping ( all shopping , clothes , cars , gasoline , airplane tickets , hotels , everything ! ) > sales tax
On utilities and phone service > more taxes
When selling property , stocks or any passive income > capital gains tax

OK , getting tired just trying to remember all the taxes !

>

Answer 4

Lowest food, medium cars, highest property taxes.
7.75% for food, cars have fees and taxes, property taxes just don't quit!