What I know about taxes

What I know about taxes?

What are taxes?
Money demanded by the government.

What is a community?

A group of people living in the same place or having a
particular characteristic in common.

What are the benefits of taxes?

One of the most basic advantages of taxes is that they
allow the government to spend money for basic
operations.

What is federal income tax?

Federal income taxes are applied to all forms of earnings
that make up a taxpayer's taxable income, such as
employment earnings or capital gains.

What is state income tax?

State income tax is imposed at a fixed or graduated rate
on taxable income of individuals, corporations, and
certain estates and trusts.

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.

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

What is a property tax?

Property tax is an ad valorem tax assessed on real estate
by a local government and paid by the property owner.

What is a sales tax?
A tax on sales or on the receipts from sales.

What is an excise tax?

An excise tax is a legislated tax on specific goods or
services at purchase such as fuel, tobacco, and alcohol.

What are the two most important things to
know about taxes?
Higher Standard Deduction.
Personal/Dependency Exemptions.