BUSN 108 Chapter Notes -Federal Insurance Contributions Act Tax, Adjusted Gross Income, Tax Deduction
Document Summary
Chapter 3 - taxes in your financial plan. You probably pay sales tax on many purchases. Many states exempt food and drugs from sales tax to reduce the financial burden on low-income households. In recent years, all but five states (alaska, delaware, montana, new hampshire, and oregon) had a general sales tax. An excise tax is imposed by the federal and state governments on specific goods and services, such as gasoline, cigarettes, alcoholic beverages, tires, air travel, hotels, and phone service. Real estate property tax is a major source of revenue for local governments. This tax is based on the value of land and buildings. Many people have seen significant increases in property taxes in the last decade. Some areas also impose a personal property tax on the value of automobiles, boats, furniture, farm equipment, and even livestock. An estate tax is imposed on the value of a person"s property at the time of death.
