I create a table to present a list of major taxes which are close to your life. Check them out and see how many of them you are familiar with.
| Tax | Tax Base | Tax Rate | Federal& State | Others |
| Property | Realty—Value base Personalty – Years, weight base | Progressive or Proportional | Federal | Some deduction or credit for special property |
| Transaction-Sales & Use | Tangible property | Proportional | State | Local tax may be larger than state tax
|
| Death- Estate | Fair market value of property + interests Less: Deduction (funeral, marital) +Taxable Gifts (Never Pay Gift Tax before)-Tax Credit (Change every year) Unified Transfer Tax Credit | Progressive | Federal & State | Transferor |
| Gift | FMV-annual exclusion (13,000) – Marital deduction | Progressive | Federal |
|
| Income | Taxable Income | Progressive | Federal & State |
|
| FICA | Social security tax: when gross compensation less than 106,800 Medicare Tax | Proportional
| Federal | Self-employed people: the tax is imposed by Self-Employment Contributions Act of 1954, they are responsible for the entire percentage of 15.3% multiplier to 92.35% of the business's net earnings from self-employment |
| FUTA | Unemployment benefit less than 7,000 | Proportional | Federal |
|
PSQ
Source: http://www.irs.gov
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