Types of Tax in the U.S. [Video]

When you work, you’re subject to a federal income tax, payroll tax, and possibly state or local income tax depending on where you live.

If you’re self-employed, you’ll pay self-employment tax. Unless your business is a C corporation, in which case the company’s profits will be taxed, plus you’ll be taxed on any compensation or dividends you receive from the corporation.

In most states you’ll pay sales tax when you buy goods. If you travel to a state that doesn’t have a sales tax, buy something, and then return to your home state, you’ll be subject to a use tax.

When you buy fuel, cigarettes, or alcohol you’ll pay excise tax.

If you own a home, you’ll pay property tax. In some places you’ll also pay property tax on vehicles and boats.

If you stay in a hotel you’ll pay occupancy tax.

If you export natural resources you’ll be subject to severance tax.

And when you die, you could be subject to a federal estate tax. Some states have an inheritance tax.

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