Taxes

Taxes Paid by the Individual
There are 7 types of taxes that are paid for by an individual.
1. Income Taxes: These taxes are paid out by anyone who earns an income by any means.
2. Property Taxes: These are paid by anyone who owns property such as land, a home or commercial real estate. These taxes are often collected by the state and county to help fund their budgets. While income taxes are subject to deductions or credits, these taxes are often fairly rigid. Licensing fees on cars, recreational vehicles and watercraft are property taxes as well.
3. Consumptive Taxes: These are taxes on sales goods or items that are subjected to being used by either an individual or business.
Taxes Paid by Businesses
Taxes paid by businesses
4. Corporate Taxes: A levy placed on the profit of a firm; different rates are used for different levels of profits.
5. Payroll Taxes: These taxes are taken out by the businesses before income is distributed to the individual in exchange for the work that was done. These are commonly called "FUDA" and "FICA"
OR
It is a Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee
Other Taxes
6. Capital Gains: These taxes are paid on investments that have appreciated. Frequently these investments have been sold. Examples would be stocks, bonds, and real estate.
7. Inheritance or Estate Taxes: An inheritance tax (also known as an estate tax or death duty) is a tax which arises on the death of an individual. It is a tax on the estate, or total value of the money and property, of a person who has died.[1] In international tax law, there is a distinction between an estate tax and an inheritance tax: an estate tax taxes the personal representatives of the deceased, while an inheritance tax taxes the beneficiaries of the estate.