1. Income Tax: This is the tax paid on the income a business earns, including revenue from sales, services, and investments.
2. Sales Tax: A business has to pay sales tax on the goods or services it sells. This tax is typically collected by the state.
3. Payroll Tax: This tax is levied on the salaries and wages paid to employees of a business, including social security, Medicare, and other taxes.
4. Property Tax: This is a tax levied on the property a business owns, including buildings, land, equipment, and other assets.
5. Excise Tax: This is a tax paid on specific goods and services, such as alcohol, tobacco, gasoline, and luxury items.
6. Value Added Tax: This tax is assessed on the value added to the goods or services during each stage of production or distribution.
7. Tariffs: A business may be required to pay tariffs on imported goods they purchase from other countries.
8. Franchise Tax: Some states require businesses to pay a franchise tax based on their net worth or revenue.
9. Employment Tax: In addition to payroll taxes, businesses may have to pay additional taxes related to unemployment insurance, worker’s compensation, and other employment-related expenses.
