Excist Taxes – These taxes (like the luxury tax) are collected on the manufacture, sale, and consumption of specified commodities.

Federal Estate Tax – Sometimes called the “death tax”, this tax is levied when property is transferred from the deceased to his or her heirs, legatees, or devisees.

Federal Gift Tax – This tax is levied on the donor of a gift and is based in part on the amount or value of the gift.

Franchise Tax – This tax is charged to businesses fro the privilege of operating in a state or local jurisdiction.

Income Taxes – Taxes on salaries, wages, tips, and commissions, as well as other income sources such as dividends and interest from savings accounts. Both individuals and corporations are subject to income taxes.

Personal Property Tax – A tax levied annually and based on the value of certain personal property such as automobiles and boats.

Real Property Tax – This is based on the value of realty(such as land and buildings) owned by nonexempt individuals or organizations.

Sales Tax – Gross receipts from the retail sale of tangible personal property (such as clothes, automobiles, and equipment) and certain services form the basis of this tax.

Social Security and Medicare Tax – Also called the Federal Insurance Contribution Act(FICA), this tax is a payment shared by employee and employer. The proceeds from this tax provide Social Security and Medicare benefits to those eligible.

Unemployment Tax – The federal Unemployment Tax Act (FUTA) is charged only to employers. Various states receive FUTA funds for their unemployment benefit programs.