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    • Aug 23, 2019
    • 1 min read

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.

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