What are the types of Business Tax
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The government business tax entities in many forms, depending on the shape and locality of the business. The basic forms of a business tax are income tax which is based on the profits of a business; self-employment tax for sole proprietors and partners which is similar to income tax but pays into both Social Security and Medicare; and for businesses that employ workers - employment taxes as a group that includes Social Security taxes, Medicare taxes, unemployment taxes and withholding taxes. There are also excise taxes assessed on specific goods or specific activities that are taxed like or associated with goods, such as fuel or alcoholic beverages. Sales tax is collected on virtually all goods and services that are sold and then paid to the state you operate. Property tax is assessed on any property the business owns. Franchise tax applies to the legal right to conduct or carry on a business in certain states. The specific taxes you owe will depend on the type of business you operate, the location deal, and any obligations you have under industry-specific regulatory standards.
