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Regardless of their names how many categories of taxes are there?
Wiki User
∙ 11y ago
Three: income, property and service.
Income tax is fairly straightforward - you pay a certain percentage of taxes based on the amount of money you have earned. This can be from a salary or hourly wage, from tips, from dividends and stock earnings, from pensions, from lottery winnings, etc.
Property taxes are also pretty straightforward - you pay a certain percentage ongoing on certain items you own. Common examples include house and land property taxes, vehicle taxes (typically paid through registration and license fees) and some luxury item taxes (less common).
Service taxes cover the rest, including sales tax, hotel tax, occupancy tax, etc.
Wiki User
∙ 11y ago
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How many kinds of taxes are there?
There are alot of types of taxes, and you can find alot of them at below site But, I'll tell and explain some of the most important ones. Income Tax- The money that comes out of your paycheck and the USA uses a Progressive Income Tax model which has different payments for each income bracket. The higher income pays more than a lower one. Other options include the Flat Tax which is taxing incomes at one single rate like 10% and does not increase or decrease due to income Fair Tax- Removing the income tax and replacing it with a broad sales tax.(I did not make the name) Sales Tax- A tax levied on goods and services. Is larger for specific products like cigarettes. There's also some other ones like VAT and Tariffs that you can look up.
