What are the most common taxes people use?

The most common taxes that Americans pay are income tax on their hard-earned money, sales tax on purchases, and property tax on their homes.

How many categories of taxes are there?

There are easily more than a dozen kinds of taxes levied in the U.S. Which ones you are liable for will depend on a variety of factors, such as whether you are an individual or represent a business, whether you purchase luxury items, and so forth.

Will I use all of these forms of taxes?

Which forms of taxes you will be liable for will likely depend upon the specifics of your situation. For example, among the most common taxes are income, property, and sales taxes, but if you rent rather than own your home, you won’t owe property taxes. If you purchase a boat, you might pay a luxury tax; if you like to frequent casinos, you could be paying excise taxes.

How to Calculate Dividends

What Are the Different Types of Taxes?

https://www.sofi.com/learn/content/types-of-taxes/

There are a variety of taxes you may have to pay, such as Income tax, capital gains tax, sales tax, and property tax. Whether you’re new to the workforce or a seasoned retiree, taxes can be complicated to understand and to pay. This guide can help. Here, you’ll learn more about what taxes are, the […]

Guide To TFSAs

https://www.sofi.com/learn/content/what-is-a-tfsa/

If you’re a Canadian age 18 or older, you may want to open a Tax-Free Savings Account (TFSA). Any income you earn on the funds you deposit into this tax-advantaged account is tax-free, even when it is withdrawn. TFSAs can be opened at almost any major financial institution across Canada for those age 18 or […]

How to Make a Budget in 5 Steps

https://www.sofi.com/learn/personal-finance/how-to-make-a-budget/

Making a budget can be the foundation of taking control of your money and reaching your financial goals. It can help you get in touch with the cash you have coming in, your spending, and your savings. Put simply, a budget can get your financial life in balance. The math involved doesn’t have to be […]

Guide to Calculating EPS and Why It Matters

https://www.sofi.com/learn/investing/calculate-earnings-per-share/

Earnings per share (EPS) tells investors a company’s ability to produce income for shareholders, and relates to its profitability. To calculate EPS, investors can use a ratio that takes a company’s quarterly or annual net income and divide it by the number of outstanding shares of stock on the market. Knowing a stock’s earnings per […]

Guide to Estimated Tax Payments

https://www.sofi.com/learn/content/estimated-tax-payments/

If you are self-employed or receive income other than a salary or employment wages, you could be responsible for making estimated tax payments. You might think of these estimated taxes as an advance payment against your expected tax liability for a given year. The IRS requires certain people and businesses to make quarterly estimated tax […]

“How to Calculate Dividends”

What Are the Different Types of Taxes?

Guide To TFSAs

How to Make a Budget in 5 Steps

Guide to Calculating EPS and Why It Matters

Guide to Estimated Tax Payments

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