Depreciation and Income Taxes - Different types of taxes
4 important questions on Depreciation and Income Taxes - Different types of taxes
What are income taxes?
- Assessed as a function of gross revenues minus allowable deductions.
- Levied by the federal, most state and occasionally municipal governments.
What are Property taxes?
- Assessed as a function of the value of property owned, such as land, buildings, equipment etc. And the applicable tax rates.
- Independent of the income or profit of a firm
- Levied by municipal, county or state governments.
What are sales taxes?
- Assessed on the basis of purchase of goods or services
- Independent of gross income or profits
- Levied by state, municipal, county governments
- Add to the costs of items purchased.
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What are excise taxes?
- Assessed as a function of the sale of certain goods or services often considered non-necessities (sigaretes, alcohol)
- Independent of income or profit business
- Mostly charged to the manufacturer or original provider of goods or services.
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