What are Taxes

What is states income tax?

Earned or unearned income. Higher income more
tax paid. Those living in states with a state income
tax. Not all states have state income tax.

What is payroll?

A tax on earned income that supports the Social
Security and Medicare programs (also known as

FICA)

How do employers contribute to payroll?

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). Employers have numerous payroll tax
withholding and payment obligations.

What is property tax?

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

What is sales tax?

Tax on purchased goods & services.

What is excise tax?

Taxes collected from the seller or retailer and as
such often remain hidden in the price of produce of
service.

What are the two most important things 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.