USA Taxation Finance Homework Help

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The taxation system in USA has several levels. Taxes are levied on a number of affairs both by the local and state government along with the federal government. In many years a high percentage of GDP has been taxes. Taxes can be sourced from imports and exports, property, income and pay roll etc. The major source of tax is the federal taxation. Under federal taxes, highest amount is that of income tax and social security taxes. By definition, it is a progressive tax system as the amount of tax increases directly in proportion to the income. It is necessary to mention that USA levies taxes based on the total income of nonresident citizens. This would include the income within us as well as overseas incomes. USA taxation finance is a lucid topic. Our aim is to simplify the learning procedures and make it to the point through USA Taxation Finance Homework Help.

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Forms of taxes


The different forms of taxes enlisted under USA Taxation Finance are given in USA Taxation Finance Homework Help. These are

• Sales taxes- This tax collection happens to be the responsibility of the states and localities. This is levied on the sold goods and services and is collected by the person who carries out the sale. It can vary within a range of 0-16 %. For the sale of goods which are imported from overseas nations, a certain amount of custom is paid by the importing companies. This can go as high as 20% sometimes even more than that. For further information, go through USA Taxation Finance Homework Help.

• Payroll taxes- This tax comes under federal and state taxation. While the corporate taxes have reduced, payroll taxes have increased a lot. Pay roll taxes are charged at 15.3% rate. The employer is bound to provide an unemployed tax too. This shall include all the medical taxes and social security taxes as well. For more insight into the form of taxes used by the US government, go through, USA Taxation Finance Homework help.

• Property taxes- This tax is collected by the local governments. The institutes of public importance like schools and colleges are differently taxed according to particulars.

• Capital gains tax- This tax depends on the amount of capital invested and for the time it was invested. If the capital was invested for a short time, normal rate of tax is charged. But for longer time spans, the tax becomes lesser in percentage.

• Income tax and estate tax- Income tax as previously mentioned is under federal taxation and is calculated on an individual’s total income. Estate tax is the tax levied by the federal and several state governments when an individual transfers a property to someone else. It also holds good for lifetime donations.

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