Lawyers Oklahoma
  • Blog
  • About
  • Contact

United States Taxation

8/18/2015

0 Comments

 
Payroll taxes are imposed by the federal and all state governments. These include Social Security and Medicare taxes imposed on both employers and employees, at a combined rate of 15.3% (13.3% for 2011 and 2012). Social Security tax applies only to the first $106,800 of wages in 2009 through 2011. However, benefits are only accrued on the first $106,800 of wages. Employers must withhold income taxes on wages. An unemployment tax and certain other levies apply to employers.

Property taxes are imposed by most local governments and many special purpose authorities based on the fair market value of property. School and other authorities are often separately governed, and impose separate taxes. Property tax is generally imposed only on realty, though some jurisdictions tax some forms of business property. Property tax rules and rates vary widely with annual median rates ranging from 0.2% to 1.9% of a property's value depending on the state.[8]

Sales taxes are imposed by most states and some localities on the price at retail sale of many goods and some services. Sales tax rates vary widely among jurisdictions, from 0% to 16%, and may vary within a jurisdiction based on the particular goods or services taxed. Sales tax is collected by the seller at the time of sale, or remitted as use tax by buyers of taxable items who did not pay sales tax.

Levels and types of taxation
U.S. federal tax receipts for 2014.
The United States has an assortment of federal, state, local, and special-purpose governmental jurisdictions. Each imposes taxes to fully or partly fund its operations. These taxes may be imposed on the same income, property or activity, often without offset of one tax against another. The types of tax imposed at each level of government vary, in part due to constitutional restrictions. Income taxes are imposed at the federal and most state levels. Taxes on property are typically imposed only at the local level, though there may be multiple local jurisdictions that tax the same property. Other excise taxes are imposed by the federal and some state governments. Sales taxes are imposed by most states and many local governments. Customs duties or tariffs are only imposed by the federal government. A wide variety of user fees or license fees are also imposed.

A federal wealth tax would be required by the United States Constitution to be distributed to the States according their populations, as this type of tax is considered a direct tax. State and local government property taxes are wealth taxes on real estate.


Find out more information on our blog section about tax attorneys in your local area.
0 Comments

About Us

7/15/2015

0 Comments

 
Picture
Hiring an honest and experienced lawyer can be a very crucial decision. Whether you work with him or her during the entire legal process or partially, your attorney can affect the course, outcome and cost of your case.  A legal case can be a highly arduous process that may last for months or even years with the prospect of leaving you frustrated and exhausted with the final outcome.  Our lawyers are hand picked, and the best in their location, and practice areas.


Practice Areas

Taxes

Divorce

DUI

Personal Injury




0 Comments

Hello Weebly

7/15/2015

1 Comment

 
Hello Weebly!

1 Comment

    Archives

    July 2015

    Categories

    All

    RSS Feed

Powered by Create your own unique website with customizable templates.