Keyword Analysis & Research: taxes

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Frequently Asked Questions

What are some examples of taxes?

Some examples of direct taxes include income taxes, taxes on assets and real property and personal property taxes. These are taxes that a person must pay directly to the entity collecting the tax. The taxpayer is not able to shift the burden of these taxes onto another individual or group.

What are the four types of taxes?

According to the United States Internal Revenue Service (IRS), businesses can incur four basic kinds of federal taxes. They include income tax, self-employment tax, employment tax, and excise tax. In addition to these taxes, each state requires that businesses pay certain taxes.

How do you calculate taxes?

Taxes on income are calculated based on personal and business revenue less any eligible deductions. Real estate taxes are calculated by using a property value as the base rate and applying a property tax rate.

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