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Identify whether the tax listed is one in which we pay based on what we buy, own or e Type of Tax & Buy, Own, or Earn? Property Tax & choose your answer... Estate Tax & choose your answer... Income Tax & choose your answer... Sales Tax & choose your answer... inheritance Tax & choose your answer... Excise Tax & choose your answer... Payroll Tax & choose your answer...

Question

Identify whether the tax listed is one in which we pay based on what we buy, own or e

 Type of Tax & Buy, Own, or Earn? 
 Property Tax & choose your answer... 
 Estate Tax & choose your answer... 
 Income Tax & choose your answer... 
 Sales Tax & choose your answer... 
 inheritance Tax & choose your answer... 
 Excise Tax & choose your answer... 
 Payroll Tax & choose your answer...

Identify whether the tax listed is one in which we pay based on what we buy, own or e Type of Tax & Buy, Own, or Earn? Property Tax & choose your answer... Estate Tax & choose your answer... Income Tax & choose your answer... Sales Tax & choose your answer... inheritance Tax & choose your answer... Excise Tax & choose your answer... Payroll Tax & choose your answer...

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FionaMaster · Tutor for 5 years

Answer

\begin{array}{|c|cc|}<br\ />\hline\ Type\ of\ Tax\ &\ Buy,\ Own,\ or\ Earn?\ \\<br\ />\hline\ Property\ Tax\ &\ Own\ &\ \ \checkmark\ \ \\<br\ />\hline\ Estate\ Tax\ &\ Own\ &\ \ \checkmark\ \ \\<br\ />\hline\ Income\ Tax\ &\ Earn\ &\ \ \checkmark\ \ \\<br\ />\hline\ Sales\ Tax\ &\ Buy\ &\ \ \checkmark\ \ \\<br\ />\hline\ Inheritance\ Tax\ &\ Own\ &\ \ \checkmark\ \ \\<br\ />\hline\ Excise\ Tax\ &\ Buy\ &\ \ \checkmark\ \ \\<br\ />\hline\ Payroll\ Tax\ &\ Earn\ &\ \ \checkmark\ \ \\<br\ />\hline<br\ />\end{array}

Explain

1. Property Tax: This is a tax that is based on what we own. It is typically levied on real estate and is calculated based on the estimated value of the property.<br /><br />2. Estate Tax: This is a tax that is based on what we own. It is levied on the total value of an individual's estate (their net worth) at the time of their death.<br /><br />3. Income Tax: This is a tax that is based on what we earn. It is levied on the income of individuals or entities.<br /><br />4. Sales Tax: This is a tax that is based on what we buy. It is levied on the sale of goods and services.<br /><br />5. Inheritance Tax: This is a tax that is based on what we own. It is levied on the value of property that is inherited.<br /><br />6. Excise Tax: This is a tax that is based on what we buy. It is levied on specific goods and services, such as alcohol, tobacco, and fuel.<br /><br />7. Payroll Tax: This is a tax that is based on what we earn. It is levied on the wages and salaries of employees.<br /><br />#
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