What I know about taxes
What are taxes?
A sum of money demanded by a government
to support the government itself as well as
specific facilities or services
What is a community?
A group of people with common interests and
concern for the common good
What are the benefits of taxes?
What is federal income tax?
Majority of people living in the U.S.
What is state income tax?
Those living in states with a state income tax
What is a payroll tax?
A tax on earned income supports the social
and Medicare programs
How do employers contribute to payroll
taxes?
What is a property tax?
The fee to license a car is a property tax
What is a sales tax?
Anyone who purchases an item charged with
sales tax
What is an excise tax?
Anyone who purchases certain items that are
charged an excise tax
Excise taxes charged vary by location
What are the two most important things to
know about taxes?
New tax form
Lower tax rate