Question

Match each type of tax with an example of its use.

Answer 1

Answer:

Property tax: 1 percent charged on the  value of all residential  houses

Excise tax: $2 tax charged on each  pack of cigarettes

Sales Tax: 7 percent charged on the  purchase of all non- necessary goods

Explanation:

Property tax is the tax that is charged on the property that is being purchased based on the tax rates in that jurisdiction where the property is located in. The property can be building or land. The value changes based on the developments that take place in the surroundings.

Excise tax are charged on specific goods like fuel, alcohol and cigarettes . These are international taxes charged within the country. They are generally charged on businesses. They are not paid directly by the consumers.

Sales tax is collected on the sales of goods or services. These sales tax are charged by the retailers to the customers which are then paid by retailers to the government.