What are taxes

What are 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.

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, public schools, police and fire departments,

What is federal income tax?

The income tax rules allow the government to collect taxes

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

What is a payroll tax?

A tax on earned income that supports the Social Security and

How do employers contribute
to payroll taxes?

FICA.

What is a property tax?

A tax on property, such as land, buildings, 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 product 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

Taxes are charged in many different forms.