JPG is commonly used for photographs and supports a wide range of colors and high compression ratios while maintaining quality. BMP is an uncompressed format invented by Microsoft that should generally not be used. GIF supports animation and has a limited color palette of 256 colors, making it well-suited for basic images on the internet. TIFF saves high-resolution raster images but results in large file sizes, while PNG also saves in a raster format and is platform independent but may not be compatible with older web browsers.