Every Cent Matters

File Amended return

The type of business a person is engaged in would determine the taxes that must be paid by them and how they pay them.  There are four types of business taxes.  The first one is the income tax.  All the business except the partnership businesses must file an annual income tax return.  The next one would be the self employment tax.  This is often known as the SE tax.  It is basically a social security and a medical tax for all the self employed people.  This tax also provides benefits like retirement benefits, disability benefits, survivor benefits etc.

This tax is applicable to all those who are either earning $400 or more or if the church employee has an income that exceeds $ 108.28.  The excise tax would be levied if a person manufactures or sells certain products.  This could be levied if the operation of certain business is carried out.  The use of certain type of equipments and facilities would also levy this tax.  A payment received for certain services is also one category.  Excise tax relates to activities like highway usage by trucks.  This excise also includes several other excise tax programs.  One major component is the motor fuel.

Leave a comment

Your comment

Every Cent Matters is powered by WordPress | Entries (RSS) and Comments (RSS)