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# Types of Taxes **Income Tax:** A type of tax government imposes on the income generated by businesses and individuals. **Corporate Tax:** The tax that firms pay on their profits. **Sales Taxes:** A form of consumption tax. Typically charged on the purchase of goods and services and paid dir...

# Types of Taxes **Income Tax:** A type of tax government imposes on the income generated by businesses and individuals. **Corporate Tax:** The tax that firms pay on their profits. **Sales Taxes:** A form of consumption tax. Typically charged on the purchase of goods and services and paid directly. **Payroll Taxes:** Taxes employees and employers pay on wages and tips. **Value Added Tax (VAT):** A tax on the difference between what a producer pays for raw materials and labor. **Consumption Tax:** A tax on the money people spend, not on the income they earn. **Direct Taxes:** Taxes that are not transferable and paid directly to the government by the taxpayer.