What I know about taxes

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,
Recreation (parks, trails).

What is federal income tax?

Is a tax levied by the United States Internal
Revenue Service (IRS) on the annual
earnings of individuals, corporations, trusts,
and other legal entities.

What is state income tax?

Is a direct tax levied by a state on
your income.

What is a payroll tax?

A tax on earned income that supports the
Social Security and Medicare programs (also
known as FICA).

How do employers
contribute to payroll taxes?

Employers pay payroll taxes.

What is a property tax?

A tax on property, such as land, buildings
(including homes), and motor vehicles.

What is a sales tax?

Tax on purchased goods and services

What is an excise tax?

Taxes collected from the seller or retailer and
as such often remain hidden in the price of a
produce or service.

What are the two most
important things to know about
taxes?

Without taxes it would be hard to pay for many
of the benefits of being a member of a
community. The amount of taxes you pay and
what you pay those taxes on will vary
depending upon where you live and your
income