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Published by khaleilusane, 2019-09-11 14:18:33

What are taxes

What are taxes

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 community is a social unit with commonality such as
norms, religion, values, customs, or identity.
Communities may share a sense of place situated in a
given geographical area or in virtual space through
communication platforms

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

What is a payroll tax? A payroll tax is a tax that an
employer withholds from an employee's salary and pays
on behalf of his employees.


How do employers contribute to payroll

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.

What is a sales tax?
a tax on sales or on the receipts from sales


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?

1. New Tax Form.
2. Lower Tax Rates.

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