Can i get a Example of Some State Local And Federal Taxes ? Im Stumped.?

Question

urgent

Answer 1

Examples of Federal taxes are Income and Social Security Tax.

Examples of State and Local Taxes are State Income Tax, Property Tax, and Sales Tax.

Is this what you mean?

Answer 2

There are both federal and state income taxes. These are taxes the employee pays from gross pay. You usually have a deduction or withholding from your paycheck based on information you've provided on your W4.

For the state - some thing, they withhold from your gross pay based on your W4 or their separate withholding form (like in CA, it's the DE4). Not all states have income tax (FL, WA, OR, TN, and TX do not).

There is a federal social security and Medicare tax. This also comes out of your paycheck, although there is a matching tax the employer must pay. This is the tax so many employers have gotten in trouble over for paying employees cash or calling their employees contractors to avoid the tax liability.

There are also state sales tax, usually percentages vary from county to county. The state imposes an amount they want to collect and then each county allows voters to decide if it's worth paying an extra amount for local budgets. Where I live we had an extra .25% added for public transportation.

There are also property taxes - paid on the value of your home (this is a county tax). There is a property tax corporations pay based on their equipment and supplies (not inventory).

hope that helps

Answer 3

Sales tax, property tax and income taxes may be levied by state or local governments.

There are plenty more too but these three are pretty common.

A couple federal taxes that come to mind are income and gas.

Answer 4

The fed rates are in the 1040 instruction booklet , towards the back . . .

http://www.irs.gov/

You gave us No idea of what state you are in and some do not have income taxes , just sales & property taxes so here is the multi- state info

http://www.retirementliving.com/RLtaxes.html

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