ALL ABOUT TAXES...

What are taxes?

It is a sum of money demanded by a government to support the government itself or other facilities.

COMMUNITIES & BENEFITS

• You are better off being in a community than by yourself.
• A community is a group of people together for a common good.
• Communities include state, county, city/town etc.

INCOME TAX

• Is a tax on earned and unearned income
• Earned income is money earned working from pay.
• Unearned income is income received from sources other than employment.

PAYROLL TAX

• A tax on earned income that supports the Social Security and Medicare programs.

PROPERTY TAX

• Is a tax on property, such as land, buildings, and motor vehicle.
• It's determined by the percentage of property value. Amount paid varies depending on where you live.

SALES TAX

• A tax on items purchased in retail stores.
• Which is anyone who purchases a certain item is charged with sales tax

EXCISE TAX

• Tax charged on consumption items
• Anyone who purchases a certain item is charged with an excise tax.
• Vary by location.

W-2 FORM

• Contains information about how much money is made and how much money was taken out for taxes and information is used to file them.

W-4 FORM

• Something you fill out and give to your employer and it tells your employer how much you want taken out for your taxes.