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| A tax imposed on the value of property. The most common ad valorem tax is that imposed by states, counties, and cities on real estate. Ad valorem taxes can be imposed on personal property as well. |
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| A separate taxable entity subject to the rules of Subchapter C of the Code. This business form may create a double taxation effect relative to its shareholders. The entity is subject to the regular corporate tax and a number of penalty taxes at the Federal level. |
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| Taxes that an employer must pay on account of its employees. Employment taxes include FICA (Federal Insurance Contributions Act) taxes. Employment taxes are paid to the IRS in addition to income tax wit holdings at specified intervals. Such taxes can be levied on the employees, the employer, or both. |
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| A tax imposed on the right to transfer property by death. Thus, an estate tax is levied on the decedent's estate and not on the heir receiving the property. |
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