The three main types of federal taxes are income tax, excise tax, and payroll tax. Briefly describe each.

income taxes: a tax the government collects from money earned by businesses and individuals throughout the year. How much you pay in taxes depends on how much money you make in a year

Excise tax: internal taxes that are levied on the sale of specific goods and services, such as alcohol, fuel and tobacco. An excise tax is an indirect tax that is not paid by the customers directly — instead, the excise tax is imposed on the supplier or the producer, who then includes it in the product price.

Payroll Tax:a percentage withheld from an employee's pay by an employer who pays it to the government on the employee's behalf. The tax is based on wages, salaries, and tips paid to employees. Federal payroll taxes are deducted directly from the employee's earnings and paid to the Internal Revenue Service (IRS)