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There are taxes to be paid on different business activities as well as on personal income. Both the taxes vary in amount and in terms. People have to pay personal loans, whereas businesses have to pay business taxes.

Business taxes and personal taxes vary according to the geographic location and place. The rules and regulations of a country manage them.

Personal taxes are to be paid by a person. These taxes are levied on the person. Personal tax is mainly income tax. A percentage of the personal income is to be paid as income tax. The calculation of the income tax to be paid is done on the basis of income. There are several groups or rankings depending on the annual income.

There are different types of business taxes are there. Among them corporate tax, self employment tax, excise tax, employment tax these four are main. Other business taxes are environmental tax and fuel tax.

Corporate Tax
This is the income tax levied on the earning of the business. Small and big every business has to pay this tax. Businesses need to submit an income tax return every year. The corporate tax is calculated on the net earnings of the company for the whole year. The tax forms for filling income tax are different. The tax rate to be paid also varies according to the location and rules.

Self Employment Tax
Self employment tax is needed to be paid by the business owners, as they work for their own businesses. Private companies and sole proprietorship businesses have to pay this tax. Self employment may also include part time business. Some countries have this tax; some others do not have this. Even the part time businesses have to pay self employment tax.

Employment Tax
The business owners have to pay employment tax. This tax is imposed on businesses that have employees. Most of the businesses have employees working for them. As an employer business owners have to pay employment tax.

Excise tax- The businesses that produces and sell products and goods, operate business activities, use machinery, and amenities, get paid for its services have to pay excise tax. This tax is an important tax which should be paid regularly.

Environmental Tax
This tax is levied on some businesses those produces goods or services harmful to the environment. In some countries companies that help in environment up gradation are given tax rebate for their activities.

Fuel tax- This tax is levied on the businesses that sell fuel. This is a special type of tax.

Both personal tax and the business tax are collected by the government. A particular department of the government carrier out such tax collection and monitoring system.