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Tax Structure of United States of America

Tax Structure of United States of America

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Published by Gautam Jayasurya

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Published by: Gautam Jayasurya on May 23, 2012
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05/23/2012

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TAX STRUCTURE OF UNITED STATES OF AMERICA
USA constitutes of 3 hierarchical structure for tax purposes.
 
Federal
 
State
 
LocalAt Federal level following taxes are imposed
 
Income Tax
 
Capital Gains Tax
 
Corporation Tax
 
Estate Tax
 
Excise Tax
 
Gift Tax
 
Payroll tax.At the state and local level following taxes are imposed
 
Income Tax
 
Sales Tax
 
Property Tax
 Income Tax
 – 
 
on the basis of Constitutional limitations Income tax is imposed by bothfederal and state level governments. The charge is on income from whatever source it maybe. Other concepts of exemption, deduction, assessment are similar to that of India. Oneunique feature of assessment in USA is the concept of family assessment.
 Payroll Tax
 – 
 
the payroll taxes are levied on the employees but paid by the employer. Thefollowing taxes come within the ambit of payroll taxes.-
 
With
 – 
holding tax
 
-
 
Medicare taxes
 
-
 
Social security taxes
 
 Estate & Gift Tax
 – 
 
Estate taxes are levied on the transfer of estate at the time of the death of the person. To fill in the gap where a person may transfer his property while he is living GiftTax is there. Gift Tax is imposed when a person transfers his property without considerationwhen he is alive.
 Excise Tax
 – 
 
Excise Tax is levied on diesel fuel, gasoline, cigarettes, wine and liquor. Thereis a tariff list similar to India, for computation of excise tax.
Corporation Tax
 – 
Corporation Tax is levied only on those entities which come under thedefinition of corporation. This definition includes foreign corporations also. The un-

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