What is taxes

Taxes are involuntary fees levied on individuals or corporations and enforced by
a government entity — whether local, regional or national — in order to finance
government activities. In economics, taxes fall on whomever pays the burden of
the tax, whether this is the entity being taxed, like a business, or the end
consumers of the business's goods.

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

What are benefits of

taxes?

1. Income for running the government: The government is also an institution or organization.
2. Public utilities and amenities: We wait with eagerness and enthusiasm when our

representatives...
3. Free Education and Medicare: The taxes that we pay are what enable the lesser privileged

many...
4. Social Security: Imagine calling 911

What is federal income?

A 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?

State income tax is a direct tax levied by a state on your income.

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?

employers have numerous payroll tax withholding and payment obligations. Of the utmost importance is
the proper payment of what are commonly known as FICA taxes. FICA taxes are somewhat unique in
that there is required withholding from an employee's wages as well as an employer's portion of the
taxes that must be paid.

What is a property tax?

 Property tax.
 Property tax is any tax on real estate or certain other forms of property.
 Deeper definition. Local governments impose property taxes on buildings, land,...

What is a sales tax?

a tax on sales or on the receipts from sales.

What is excise tax?

excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes
are often included in the price of the product.

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

taxes collected from the seller or retailer and as such often remain hidden in the price of a produce
or service. Two most important things to know about taxes. 1.) Taxes play a role in both spending and
earning $. 2.) One of the largest expenses for people.