Flip book

Flip book

Nate jones

What I know about taxes

• What I know about taxes is that they are fees that are takin off your
paychecks

What are taxes?

• 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 community is a social unit with commonality such as norms,
religion, values, customs, or identity

What are the benefits of taxes

• ncome for running the government
• Public utilities and amenities
• Free Education and Medicare
• Social Security
• National security
• These are just some benefits of taxes

What is federal income tax

• in the United States, a tax is imposed on income by the federal, most
state, and many local governments. The income tax is determined by
applying a tax rate, which may increase as income increases, to
taxable income as defined. Individuals and corporations are directly
taxable, and estates and trusts may be taxable on undistributed
income.

What is state income tax?

• State income tax is a direct tax levied by a state on your income.
Income means income you earned in or from the state and, in your
home state, it may mean all your income everywhere

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

• 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

What is a property tax?

• A property tax is a levy on property that the owner is required to pay.
The tax is levied by the governing authority of the jurisdiction in
which the property is located; it may be paid to a national
government, a federated state, a county or geographical region, or a
municipality. Multiple jurisdictions may tax the same property.

What is a sales tax?

• A sales tax is a consumption tax imposed by the government on the
sale of goods and services. A conventional sales tax is levied at the
point of sale, collected by the retailer, and passed on to the
government.

What is an excise tax?

• Excise taxes are taxes paid when purchases are made on a specific
good, such as gasoline. Excise taxes are often included in the price of
the product. There are also excise taxes on activities, such as on
wagering or on highway usage by trucks. One of the major
components of the excise program is motor fuel.

What are the two most important things to
know about taxes?

• We pay them so the government can pay for stuff for our benefit
• They take to much money