- 511 Andover St, Lawrence, MA 01843, USA
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- (978) 234-8909
What are personal taxes?
Personal taxes are those that the federal, state, and, in some cases, local governments, collect from individuals on the income they earn during a year. This income can come from salaries, investments, own businesses and other sources. The money collected through these taxes is used to fund public services such as education, infrastructure, defense, and social programs.
The main taxes on individuals are:
- Income tax: This is the most well-known tax and generally the largest for most taxpayers. It is calculated on total gross income less allowed deductions and exemptions.
- Social Security and Medicare Taxes: These taxes are automatically deducted from wages and used to fund the Social Security and Medicare programs.
- State and local taxes: Many states and localities also impose income taxes, as well as sales and property taxes.
For more detailed and specific information on personal taxes, we recommend that you contact us.
At Prime Tax Solutions we are specialists with extensive experience in handling taxes.
We are passionate about improving the lives of our clients both professionally and personally.
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- 511 Andover St, Lawrence, MA 01843, USA
- mpimentel@primetaxsolutionsinc.com
- (978) 234-8909
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