• Federal income tax,
  
• State income tax,
  
• Local income tax,
  
• Social security/Medicare,
  
• Unemployment compensation
  
• Sales tax,
  
• Excise tax,
  
• Use tax, and
  
• Intangible property taxes.

Federal income taxes apply to all businesses, but the tax rate and filing procedure varies with the type of business entity. C- corporations are taxed on the net income before taxes, which is found in the income statement. The same applies to S-corporations, but there is some maneuverability for the business' owner. Under this type of corporation owners are expected to provide themselves with an acceptable level of compensation in the form of a wage or salary based on the type of business, and the rest of that individual's income can be diverted to dividends. The dividends will come back to the owner's personal filings, but are not subject to social security taxes. Secondly, it reduces corporate tax exposure on net income. Just issue the dividend before the end of the tax year. Sole proprietors incorporate all business income into personal filings via the Schedule C.

For employees you must match their Social Security deductions at the rate of 6.2% on the first $76,200 of their income. Your self-employment rate is 12.4%. You must match the employee's Medicare deduction of 1.45% and pay 2.9% on self-employment. There is not upper limit on income.

State income taxes vary from state to state. Some don't even have an income tax. To learn more for your state go to the State Government Web Servers site to access your state's official web site.