top of page
  • Writer's pictureMargaret Asante

What type of taxes will I be liable for?

Taxes are an unavoidable part of life for the vast majority of people. Understanding the types of taxes you are liable for is important to ensure you're paying the right amount.


Depending on your circumstances, you may be liable for federal, state, and local taxes.

Federal taxes are the most common type of taxes you will be liable for. These include income taxes, payroll taxes, and self-employment taxes. Income taxes are based on your income and are usually the largest portion of your taxes. Payroll taxes are the taxes you pay on your wages and self-employment taxes are for those who are self-employed.


You may also be liable for state taxes. These taxes vary from state to state and can include income taxes, sales taxes, and property taxes. Sales taxes are charged on products and services you purchase and property taxes are based on the value of your property.


Finally, many cities and counties have local taxes that you may be liable for. These can include income taxes, sales taxes, and property taxes. Local taxes are usually smaller than state and federal taxes, but they can still add up if you are not careful.


Comments


bottom of page