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What I know about taxes (or another title)

What are taxes?

A tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer by a
governmental organization in order to fund various public expenditures.

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. Article I, Section 8 of the U.S. Constitution lists reasons that the government may tax its
citizens. These include to raise an army, to pay foreign debt and to operate a post office.

What is federal income tax?
Income taxes in the United States are imposed by the federal, most state, and many local governments.

What is state income tax?
Most individual U.S. states collect a state income tax in addition to federal income tax.

What is a payroll tax?

Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage
of the salaries that employers pay their staff. Payroll taxes generally fall into two categories: deductions
from an employee’s wages, and taxes paid by the employer based on the employee's wages.

How do employers contribute to payroll
taxes?

Employers' Responsibility for FICA 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 (FICA).

What is a property tax?

A property tax or millage rate is an ad valorem tax on the value of a property, usually levied on real
estate. The tax is levied by the governing authority of the jurisdiction in which the property is located.
This can be a national government, a federated state, a county or geographical region or a municipality

What is a sales tax?

What is an excise tax?

An excise or excise tax is any duty on manufactured goods which is levied at the moment of
manufacture, rather than at sale

What are the two most important things to
know about taxes?
New Tax Form.
Lower Tax Rates