What do I know about taxes

What do I know
about taxes?

By: Kamri Archangel
6th period
9/10/19

What are taxes?

$ demanded by the government

What is a community?

A group of people living in the same area with a common
interest working for a common good

What are benefits of taxes?

Roads, schools, police, recreation, and libraries

What is federal income taxes?

The earned and unearned income of an individual that they
have to pay

What is state income taxes?

A state tax paid by individuals that live in the state
(The tax can be higher depending on where you stay)

What is a payroll tax?

A tax placed on your earned income for social security and
Medicare programs

How do employers contribute to payroll taxes?

They also pay for payroll taxes

What is property tax?

A tax placed on property (land, buildings, homes, & cars)

What is a sales taxes?

Tax on purchased good and services

What is an excise taxes?

Taxes collected from the seller or retailor and as such often
remains hidden in the price of a product or service

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

1. You need to understand particular paperwork and tax
forms to determine income tax

2. Know what the tax money you have to pay for, is being
used for