Types of taxes

Everyone pays federal or state income tax. In this assignment, you will research the
types of income taxes you pay and how they are calculated. You do not need to
provide personal financial information (i.e., your annual gross and adjusted
income). The goal here is to gain an understanding of how income taxes are levied
against your earnings at both the federal and state levels (if applicable). You will
also discuss other types of taxes you pay besides the income tax.Using the module
readings, Argosy University online library resources, and the Internet, research the
realm of taxes. Then, respond to the following questions:The federal income tax you
pay is known as a progressive tax. What does that mean with respect to your income
level? How does the system of marginal tax rates affect the amount of taxes you
pay?Do you live in a state that has an income tax? Is this a progressive tax? What
is the typical income tax rate for your state?Federal and state income taxes are
normally deducted from your paycheck. What other kinds of taxes are also deducted?
What are these for and how are they calculated?Do you pay property taxes? How are
these determined on your home? Who is taxing your property?What is the sales tax in
your community? Is it a combination state and local sales tax? How is it applied to
the items you normally purchase?Write your initial response in a minimum of 200
words. Apply APA standards to citation of sources.By Saturday May 21, 2016,