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Published by 4jacobane, 2019-09-13 15:08:58

What are taxes.docx

What are taxes.docx

What are 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? Road, libraries, public schools,
military for national security, police and fire departments,
recreation

What is federal income tax? tax on earned and
unearned income

• What is state income tax? Those living in
states with a state income tax

What is a payroll tax? A tax on earned
income that supports the Social Security
and Medicare programs

How do employers contribute to payroll taxes? A set
percentage of earned income

What is a property tax? An ad valorem tax on the

value of a property, usually levied on real estate.

What is a sales tax? A tax on sales or on the

receipts from sales.

What is an excise tax? Any duty on

manufactured goods which is levied at the
moment of manufacture, rather than at sale.

What are the two most important things to know about
taxes? New Tax Form. Lower Tax Rates.


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