Question

The three main types of federal taxes are income tax, excise tax, and payroll tax. Briefly describe each.

Answer 1

Answer:

An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction.

Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product.

Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.

Explanation:

Answer 2

Explanation:

1.Income Tax:-

An income tax is a tax which was

composed by government on income

generated by business within their

jurisdiction.

2.Excise Tax:-

These are the taxes paid when

purchases are made on a specific

good such as gasoline. They are

often included in price of products.

3.Payroll Tax:-

These are the taxes imposed on

employees,and are usually calculated

as a percentage of the salary.

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