What are taxes tahjee hudson

What are taxes

A sum of money demanded by a government to
support the government

What is a community

• a group of people with
common interests and concern

for the common good

A

What are the benefits of taxes

Schools traffic lights

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What is federal income tax

• Earned and unearned income
• Higher income = more tax paid

What is state income tax

• Those living in states with a state income
tax

• Not all states have a state income tax

What is a payroll tax

• A set percentage of earned income
• Deducted out of paycheck (except for
self-
• Individuals who earn income from
working for pay
• Employers

How do employers contribute to payroll
taxes?

Employers pay it

What is a property tax?

a tax on property, such as land, buildings
(including homes), 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 produce or service

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

Taxes play a role in both earning
and spending