What i know about taxes

What I Know About Taxes

Sa’Mya Pharrams
Financial Literacy

Sep.9.2019
Ms.Stohr

What Are Taxes?

Taxes are money demanded by the government

What is a community?

A community is a group of people with common
interests and concerns for common good

What are benefits of taxes?

Benefits from taxes are things such as:

- Roads
- Library
- Public schools
- Military
- Police/Fire department

What is Federal income tax?

Federal income tax is taxes on unearned and
earned income annually.

What is a state income tax?

A state income tax is tax directly on your income from
state

What is a payroll tax?

A payroll tax is a tax on earned income that supports
the Social security and Medicare programs (FICA)

How do employers contribute to payroll taxes?

They are supposed to withhold those taxes from
employees check and pay their employer’s contribution

What is a property tax?

Taxes on Property’s owned

What is a sales tax?

Sales tax is a tax on items sold

What is an excise tax?

An excise is a tax on manufactured goods

What are two most important things to know about
taxes?

One important thing about taxes is:
-They help fund important services that are necessities
in our communities

Another important thing about taxes is:
- They help fund programs such as Social Security &
Medicare

THE END