tax flip book

What I know about taxes

What are taxes????
$ demanded by the government.

What is a community??

A group of people with common interests and
concern for the common good.

What are the benefits of taxes?

Governments establish the tax advantages
to encourage private individuals to contribute
money when it is considered to be in the public
interest.

What is federal income tax?
A tax levied by the United States Internal
Revenue Service (IRS) on the annual earnings of
individuals, corporations, trusts, and other legal
entities.

What is state income tax?

Tax levied by a government directly on income,
especially an annual tax on personal income.

What is a payroll tax?

Are taxes imposed on employers or employees,
and are usually calculated as a percentage of
the salaries that employers pay their staff.

How do employers contribute to payroll

Taxes?

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?

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 paid to a governing body for the sales of
certain goods and services.

What is an 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. Without taxes it would be
hard to pay for many of the benefits of being a
member of a community.

2. The amount of taxes you pay and what you
pay those taxes on will vary depending upon
where you live and your income.