Question

Which of the following types of taxes may be considered when determining the itemized deduction for taxes?

a) Sales tax
b) Property tax
c) Income tax
d) Excise tax

Answer 1

The types of taxes that may be considered when determining the itemized deduction for taxes are sales tax, property tax, income tax, and excise tax.

Step-by-step explanation:

The types of taxes that may be considered when determining the itemized deduction for taxes are: sales tax, property tax, income tax, and excise tax.

An excise tax is a tax on the manufacture or sale of specific goods, such as gasoline and liquor. A sales tax is imposed as a percentage of firms' sales and is generally imposed on retail sales. Property tax is imposed on assets, particularly real estate. Income tax is imposed on an individual's wages or salary.