Personal Taxes

Personal taxes are the taxes that individuals pay to the government. They are usually based on income, profits, or other financial transactions. Personal taxes can include income tax, capital gains tax, payroll tax, self-employment tax, and estate and gift taxes. Income tax is typically paid on wages or salaries earned from employment or investments. Capital gains tax is paid when an asset such as a stock or real estate is sold for more than its purchase price. Payroll tax is assessed on wages and salary payments made by employers to their employees. Self-employment tax applies to those who are self-employed and not covered by Social Security or Medicare taxes. Estate and gift taxes are imposed on transfers of property at death or through gifts during life.

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