What I know about taxes Tuesday

What I know about taxes

What are taxes?

A sum of money demanded by a
government to support the government

itself as well as specific facilities or
services

What is a community?

A group of people with common
interests and concern for the common

good

What are the benefits of
taxes?

Roads, libraries, military for national
security, public, schools police and fire

departments

What is federal income tax?

Income taxes in the United States
are imposed by the federal, most
state, and many local governments
it helps fund Operations of federal

government, Government
programs, education, defense of the

nation, disaster relief

What is state income tax?

State income tax is a
direct tax levied by a state on
your income. It helps fund State
highways Operations of state

government

What is a payroll tax?

A tax on earned income that supports
the Social Security and Medicare

programs (also known as FICA) it helps
fund Social Security program and
Medicare program

How do employers contribute

to payroll taxes?

An employer's federal payroll
tax responsibilities

include withholding from an
employee's compensation and paying
an employer's contribution for Social

Security and Medicare taxes under
the Federal

Insurance Contributions Act (FICA).

What is a property tax?

a tax on property, such as land,
buildings (including homes), and motor

vehicles helps fund Schools and
Expenses of state and local
governments

What is a sales tax?

Tax on purchased goods and services
helps fund Expenses of state and local

governments

What is an excise tax?

Taxes collected from the seller or
retailer and as such often remain
hidden in the price of a product or
service helps fund Expenses of state

and local governments

What are the two most
important things to know

about taxes?

Taxes play a role in both earning and
spending and its one of the largest

expenses for many people