define the following types of taxes:\na. fica tax, medicare tax, federal income tax, state income tax, and…

define the following types of taxes:\na. fica tax, medicare tax, federal income tax, state income tax, and other local taxes are all part of a specific tax.\nb. you pay these taxes if you own a home, boat, car, atv, etc.\nc. taxes that you pay based on your salary, hourly wage, tips, or interest.\n1. property taxes\n2. income taxes\n3. paroll taxes

define the following types of taxes:\na. fica tax, medicare tax, federal income tax, state income tax, and other local taxes are all part of a specific tax.\nb. you pay these taxes if you own a home, boat, car, atv, etc.\nc. taxes that you pay based on your salary, hourly wage, tips, or interest.\n1. property taxes\n2. income taxes\n3. paroll taxes

Answer

Brief Explanations:

  • a: FICA tax (which includes Social Security and Medicare), federal income tax, state income tax, and local taxes are all types of income - related taxes. Income taxes are levied on earnings (salary, wages, etc.).
  • b: Property taxes are taxes on owned property like a home, boat, car. The value of the property is often used to calculate the tax amount.
  • c: Income taxes are based on income sources such as salary, hourly wage, tips (earned income) or interest (unearned income).

Answer:

a. 2. Income taxes b. 1. Property taxes c. 2. Income taxes