Did you know that taxes are the biggest expense in your financial budget?

Check out all types of taxes that can eat away your income!

1. Federal Income Tax = 37%

2. State Income Tax = 7%

3. Sales Tax = 6%

4. Social Security Tax = 6.2%

5. Medicare Tax = 1.45%

6. Self Employment Tax = 7.65%

7. Capital Gains Tax = 20%

8. Property Tax = 1.2%

9. Estate Tax = 40%

10. Gift Tax = 40% Note: The above tax percentages are based on the highest tax brackets or averages. Speak with your tax advisor to get a better estimate as specific tax percentages can vary based on your income, state of residence, and other variables.