What I know about Taxes

What I know about
Taxes?????

What are taxes?

A sum of money
demanded by the
government

What is a community?

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

What are the benefits

of taxes?

They allow the government
to spend money for basic
operations

What is federal income

tax?

The income tax rules allow the
government to collect taxes
from any person or business
that earns money during the
year.

What is state income

tax?

a direct tax levied by a
state on your income.

What is a payroll tax?

Taxes imposed on employers or
employees, and are usually
calculated as a percentage of the
salaries that employers pay their staff

How do employers contribute

to payroll

taxes?

Paying an employer's contribution
for Social Security and Medicare
taxes

What is a property tax?

a real estate ad-valorem tax, considered a
regressive tax, calculated by a local
government, which is paid by the owner of the
property.

What is a sales tax?

A tax on sales or on the
receipts from sales.

What is an excise tax?

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?

Taxes play a role in both spending
and earning $. One of the largest
expenses for people.