Taxes Pdf foldable

Taxes

Christina Stephens | Financial Literacy | September 10, 2019

What are Taxes?

Taxes are payments that are required to be paid by the
government for the support of the government itself.

PAGE 1

What is a community?

A community is a group of people that live in the same
area and work together for a greater good.

PAGE 2

What are the benefits of taxes?

The benefit of taxes is that they allow us to have things like libraries, roads, public schools,
military protection services, police and fire departments. These are beneficial because they
allow us to feel safe and better advance ourselves in education and give us more
opportunities.

PAGE 3

What is a federal income tax?

A federal income tax is a tax given on the annual earnings of
individuals, corporations, trusts, and other legal entities.

PAGE 4

What is a state income tax?

A state income tax is direct tax given from the state on
earnings and income.

PAGE 5

What is a payroll tax?

A payroll tax is a tax that an employer withholds from an
employee's salary and pays to the government on behalf of
employees.

PAGE 6

How do employers contribute to payroll
taxes?

Employers contribute to payroll taxes because they are the ones who make the tax on the
paycheck they are given out.

PAGE 7

What is a property tax?

A property tax is a tax on property’s owned such as land and
buildings.

PAGE 8

What is sales tax?

A sales tax is a tax on goods.

PAGE 9

What is an excise tax?

An excise tax is taxes collected from the seller or retailer and
as such often remain hidden in the price of a product or
service.

PAGE 10

What are the two most important things to remember about
taxes?
The first important thing is that taxes are based on your
income.
The second most important thing about taxes is that they are
a part of money management.

PAGE 11