What I know about Taxes

What I know about Taxes

What are Taxes?

Sum of money that is demanded by the
government.

What is a Community?

A group of people with common
interests and concern for the common

good.

What are Benefits of Taxes?

Roads, Libraries, Military for National
Security, Public Schools, Police and Fire

Departments

What is Federal Income Tax?

Money from earned and unearned
income to help fund government

programs.

What is State Income Tax?

Money taken from earned and
unearned income to help fund state

highways and operations of state
government.

What is Payroll Tax?

A tax on earned income that supports
the Social Security and Medicare
programs.

What do employers
contribute to payroll taxes?

Withholding from an employee’s
compensation and paying an

employer’s contribution for Social
Security and Medicare Taxes.

What is a Property Tax?

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

vehicles.

What is a Sales Tax?

A tax on purchased goods and services.

What is an Excise Tax?

Taxes collected from the seller or retailer
and as often remain hidden in the price

of a product or service.

What are the two most
important things to know

about taxes?

Money Management and Tax Rates