JPEG (Joint Photographic Experts Group): JPEGs are the most common image format of all time, JPEGs have a smaller file size over other formats however compressed and lose quality.
TIFF (Tagged Image File Format): TIFFs are common within the the photography industry, they are uncompressed (bigger file size) with plenty of editing potential.
RAW: RAWs are the highest-quality files your camera can offer, each camera brand has a different raw format such as .CR2 for Canon cameras or .NEF for Nikon cameras. They have huge file sizes but retain all of the information originally captured, the white balance, exposure, contrast, saturation, and sharpness can be edited after taken. They also require special software to be edited and need to be converted to a other format to be uploaded.
DNG (Digital Negative Format): Due to the varieties of different RAW formats from each camera, you can convert any RAW files to DNGs providing a standard format for all.
PNG (Portable Network Graphics): PNGs are a lossless compressed format, meaning that they keep all the detail but at a smaller file size, a good balance. They also support transparency, partial and total.
GIF (Graphics Interchange Format): I don’t know why would you use GIFs for photography but it is on the list, they are usually for sharing short basic animations not for images. They have a limited color palette of up to 256 colors and uses lossless compression
BMP (Bitmap Image File): BMPs are a other lossless format that saves each pixel’s color data without any compression, thus big file sizes.
PSD (Photoshop Document): The standard format when saving a file in Adobe Photoshop, allows the manipulation of multiple layers. Has to be exported as a other format such as a png or jpeg to used on web.