{"id":79699,"date":"2022-12-08T13:59:51","date_gmt":"2022-12-08T13:59:51","guid":{"rendered":"https:\/\/businessyield.com\/?p=79699"},"modified":"2022-12-09T06:32:56","modified_gmt":"2022-12-09T06:32:56","slug":"what-tax-does-every-american-have-to-pay","status":"publish","type":"post","link":"https:\/\/businessyield.com\/tax\/what-tax-does-every-american-have-to-pay\/","title":{"rendered":"What Tax Does Every American Have to Pay?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<p>In the U.S., it\u2019s a legal requirement to file a tax return every year for yourself, a joint return for you and your partner, or a household return if you\u2019re the head of the family. If you have a business or assets or spend a lot of time abroad, it\u2019s also essential to <a href=\"https:\/\/www.expattaxonline.com\/federal-tax-return-filing\/\">file a federal tax return<\/a> disclosing your worldwide income.<\/p>\n\n\n\n<p>The US tax system is based on citizenship, not residency. Only two countries run a citizenship-based taxation system, the United States and Eritrea.<\/p>\n\n\n\n<p>The US expects their citizens and Green Card holders to disclose their worldwide income and assets on their US tax returns each year.<\/p>\n\n\n\n<p>Because there are so many different taxes to file based on your personal circumstances, you must understand precisely what you need to pay or what refunds you\u2019re due to avoid any penalties for filing incorrectly.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-do-we-pay-taxes\"><span id=\"why-do-we-pay-taxes\">Why Do We Pay Taxes?<\/span><\/h2>\n\n\n\n<p>The first income taxes were issued in 1913 when the Constitution gave Congress the power to impose taxes as a recovery method due to the effects of the Civil War.<\/p>\n\n\n\n<p>Most of the taxes we pay today were issued in the 1920s and 30s, but never taxes, such as the wealth tax, are being brought into law today to maintain the country\u2019s stability.<\/p>\n\n\n\n<p>We should think ourselves lucky, though, as income tax used to apply to everyone, regardless of income or status, and wouldn\u2019t account for filing jointly or as the head of a household. That means that if you were a low-income earner before, you\u2019d still have to pay a relatively sizable tax too.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-types-of-taxes\"><span id=\"types-of-taxes\">Types of Taxes<\/span><\/h2>\n\n\n\n<p>There are 3 main types of tax.<\/p>\n\n\n\n<ul><li>Taxes on what you earn through employment.<\/li><li>Taxes on what you buy.<\/li><li>Taxes on what you already own.<\/li><\/ul>\n\n\n\n<p>It\u2019s important to remember that the tax rate you pay varies based on how much you earn and what you do with that money.<\/p>\n\n\n\n<p>For example, you may be taxed on your income at a flat rate of 10%. However, if you then go and use that income to purchase something with a 5% tax rate applied, you\u2019re actually paying 15% tax out of the same pot of money at the end of the tax year.<\/p>\n\n\n\n<p>Understanding what you\u2019re paying as an American taxpayer is essential, so you know how much money you\u2019ll have in the bank at the end of the year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-american-taxes-on-what-you-earn\"><span id=\"american-taxes-on-what-you-earn\">American Taxes on What You Earn<\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-income-taxes\"><span id=\"1-income-taxes\">#1. Income Taxes<\/span><\/h3>\n\n\n\n<p>A personal income tax is based on the wages, salaries, and investments you receive in your household. This is typically based on your payment from employment or any money drawn down from owning your own business.<\/p>\n\n\n\n<p>Income tax is a progressive tax. This means that the more you earn, the higher the percentage of tax that you\u2019ll pay.<\/p>\n\n\n\n<p>If you earn more money in your role, you\u2019ll pay more income tax than a low earner. If you <a href=\"https:\/\/www.expatustax.com\/should-i-file-jointly-or-separately\/\" target=\"_blank\" rel=\"noreferrer noopener\">file your tax return jointly<\/a> with a spouse, this can benefit you if one partner has a high income and the other has a shallow one (perhaps as a stay-at-home parent). This is because income tax is split evenly over both partners in a marriage, meaning that high earners can put half of their earnings in to cover the low earner. Meaning that each partner pays a lower percentage in tax.<\/p>\n\n\n\n<p>Tax percentages vary from 10% to 37% based on earnings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-corporate-income-taxes\"><span id=\"2-corporate-income-taxes\">#2. Corporate Income Taxes<\/span><\/h3>\n\n\n\n<p>Corporate income taxes may affect you if you own your own business. Typically, in the U.S., businesses fall into two categories. They may be registered corporations that will have to pay corporate income tax based on the profits made by the business minus the expenses of running the business.<\/p>\n\n\n\n<p>For this reason, corporate income tax affects the prices charged for goods and services and the employee wage to recoup some of the tax paid.<\/p>\n\n\n\n<p>However, if you own a business as part of a partnership, are a sole trader, or own an LLC. This tax is paid through your standard personal income tax, meaning you may pay more in income tax as your business profits are included under you. However, you will pay less overall because you don\u2019t have two tax returns to complete.<\/p>\n\n\n\n<p>The standard corporation tax for the U.S. now sits at 21% as part of the Tax Cuts and Jobs Act 2017.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-payroll-taxes\"><span id=\"3-payroll-taxes\">#3. Payroll Taxes<\/span><\/h3>\n\n\n\n<p>Payroll taxes are removed for salaries before payment from an employer. The tax percentage is based on your overall income. Again, higher earners will be taxed at a higher rate.<\/p>\n\n\n\n<p>The amount you\u2019re taxed will be seen on a payslip at the end of each pay period. These should be provided as part of a tax return to prove the amount of tax paid from your employee income.<\/p>\n\n\n\n<p>These taxes are removed to fund social care. Medical care and upkeep of housing for the wider population.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-american-taxes-on-what-you-own\"><span id=\"american-taxes-on-what-you-own\">American Taxes on What You Own<\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-capital-gains-tax\"><span id=\"1-capital-gains-tax\">#1. Capital Gains Tax<\/span><\/h3>\n\n\n\n<p>Capital gains are the taxes that you pay on assets or investments. These include property, stock, shares, or valuables such as jewelry or cars.<\/p>\n\n\n\n<p>The reason for the name \u2018capital gain\u2019 is that it is recognized when the value of an asset that you own has increased. If the shares you own in a company increase in value because the company is more profitable, you earn more money if you sell them. However, because the value has increased during your ownership, you will pay more tax because the value has increased.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-property-taxes\"><span id=\"2-property-taxes\">#2. <strong>Property Taxes<\/strong><\/span><\/h3>\n\n\n\n<p>These account for around 305 of state tax collections and are paid by anyone who owns a property, whether to live in or to let out.<\/p>\n\n\n\n<p>The taxes collected from the property are often put back into local schools, roads, and emergency services funding.<\/p>\n\n\n\n<p>Within this bracket, businesses may also need to pay for office buildings and TPP (tangible personal property), which could mean they pay extra for business vehicles, machinery, or other essential equipment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-inheritance-taxes\"><span id=\"3-inheritance-taxes\">#3. Inheritance Taxes<\/span><\/h3>\n\n\n\n<p>These are paid by people who inherit property or other assets in the event of someone\u2019s death. Estate taxes are removed from the total amount before the heir takes on the inheritance. After this time, the inheritor may need to pay an additional inheritance tax once they\u2019ve received the funds.<\/p>\n\n\n\n<p>While other countries may allow for \u2018gifting\u2019 before a person\u2019s death, avoiding this tax hike, the U.S. imposes a \u2018gift tax,\u2019 which means that any large sums of money transferred before death are also taxable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-wealth-taxes\"><span id=\"4-wealth-taxes\">#4. Wealth Taxes<\/span><\/h3>\n\n\n\n<p>These are taxes imposed on people with a large amount of money in the bank or held in assets. The threshold is set at a specific rate, which is changeable. Any individual worth more than the rate set at the time will be subject to a percentage of tax.<\/p>\n\n\n\n<p>This is calculated on total wealth minus any debts. If the threshold was $1 million and the taxpayer had $1 million precisely in the bank but was $25,000 in debt, then they wouldn\u2019t be subject to this tax.<\/p>\n\n\n\n<p>However, the tax would be applied if they had no debt. The more money you have, the more tax you\u2019re likely to pay.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-american-taxes-on-what-you-buy\"><span id=\"american-taxes-on-what-you-buy\">American Taxes on What You Buy<\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-sales-taxes\"><span id=\"1-sales-taxes\">#1. Sales Taxes<\/span><\/h3>\n\n\n\n<p>This is a tax that\u2019s added when you purchase in a store. You will often see prices listed in the store minus tax. You will then need to calculate the price based on the one listed plus the tax rate in that state.<\/p>\n\n\n\n<p>When you pay, you will also see a tax amount printed at the bottom of a receipt. These sales taxes are a source of state revenue and something that the consumer market and economy rely heavily on in the U.S.<\/p>\n\n\n\n<p>This is a bit of a shock to the system if you\u2019re living in the U.S. and pay U.S. taxes but aren\u2019t from there, as it\u2019s a system that isn\u2019t widely used in other countries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-gross-receipts-taxes\"><span id=\"2-gross-receipts-taxes\">#2. Gross Receipts Taxes<\/span><\/h3>\n\n\n\n<p>If you own a business that sells goods, GRTs are taxes applied to sales. This is regardless of the sales carrying the business into profit and doesn\u2019t account for business expenses either.<\/p>\n\n\n\n<p>These taxes create \u2018tax pyramiding\u2019 where a tax is paid every time a sale is made, and each part of the production process, including the sale, is taxed.<\/p>\n\n\n\n<p>Unfortunately, this tax type results in many start-up businesses failing in the first few years. Due to the likelihood of declaring a loss in the first few years because of the materials and assets required to start a business, smaller start-ups find themselves taking an even further loss as expenses are considered exempt from GRTs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-value-added-taxes\"><span id=\"3-value-added-taxes\">#3. Value Added Taxes<\/span><\/h3>\n\n\n\n<p>This is a tax paid by businesses on the value of goods that are produced at each stage of production.<\/p>\n\n\n\n<p>However, the amount paid is deductible from the tax bill when the goods reach the next step in the chain, meaning that tax pyramiding doesn\u2019t occur and the same value if tax is paid for a product at the end of the process, rather than tax building up each time the item changes hands, as n GRT.<\/p>\n\n\n\n<p>However, when consumers eventually pay for the product, they pay the full VAT, which isn\u2019t deductible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-excise-taxes\"><span id=\"4-excise-taxes\">#4. Excise Taxes<\/span><\/h3>\n\n\n\n<p>A consumer must pay these extra taxes on top of VAT for specific products or services. These are added as an incentive to cut down on the goods and services that aren\u2019t condoned and are often named \u2018sin taxes.\u2019 These are applied to cigarettes, alcohol, and online gambling purchases.<\/p>\n\n\n\n<h3 id=\"related-articles\" class=\"wp-block-heading\">Related Articles<\/h3>\n\n\n\n<ul><li><a href=\"https:\/\/businessyield.com\/raising-funds\/income-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">INCOME TAX: Overview, e Filing, and Calculator<\/a><\/li><li><a href=\"https:\/\/businessyield.com\/bs-personal-finance\/net-pay\/\" target=\"_blank\" rel=\"noreferrer noopener\">NET PAY: How to Calculate Your Net Pay<\/a><\/li><li><a href=\"https:\/\/businessyield.com\/bs-personal-finance\/how-to-reduce-taxable-income\/\" target=\"_blank\" rel=\"noreferrer noopener\">HOW TO REDUCE TAXABLE INCOME: Best Simple Strategies!<\/a><\/li><li><a href=\"https:\/\/businessyield.com\/bs-personal-finance\/tax-liability-definition\/\" target=\"_blank\" rel=\"noreferrer noopener\">TAX LIABILITY: Definition and How It Works<\/a><\/li><li><a href=\"https:\/\/businessyield.com\/tax\/what-is-an-income-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">WHAT IS AN INCOME Tax: Definition, Rate, and Types<\/a><\/li><\/ul>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"In the U.S., it\u2019s a legal requirement to file a tax return every year for yourself, a joint&hellip;\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":79,"featured_media":79715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[4318],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Tax Does Every American Have to Pay?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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