I have created a list of common taxes most Americans are not aware but paying – you might be paying them without even knowing it. It sounds funny! here are 10 common taxes, which factor into the Total Tax Insights calculator.
1. Medicare Tax – The amount withheld by your employer from your paycheck that helps cover the cost of running the Medicare program, the federal system of health insurance for people over the age of 65.
2. Self-Employment Tax – A Social Security and Medicare tax for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners.
3. Alternative Minimum Tax – A tax collected by energy suppliers based on consumption during the billing period.
4. State Gasoline Tax – A tax on every gallon of gasoline sold.
5. Cable Tax – Tax imposed on cable television subscribers.
6. Landline Phone Tax – Federal and state tax associated with use of a fixed phone line.
7. Cell Phone Tax – Federal and state tax imposed on mobile telephone users.
8. Cigarette Tax – Tax on cigarette use.
[image by grodt1987 ]
9. State Alcohol Tax – Tax imposed on the purchase of beer, wine and spirits.
“Most Americans’ tax awareness is limited to recognition of income, property and Social Security taxes,” said AICPA President and CEO Barry Melancon, CPA, CGMA. “However, there are other taxes imposed by federal, state and local governments on energy consumption, phone use and television viewing, among other day-to-day activities. Our Total Tax Insights calculator can help you estimate your obligation for a wide range of taxes so you can factor those costs into your financial plans.” The list is released by The American Institute of CPAs.