WHAT I KNOW ABOUT TAXES

WHAT ARE TAXES?

• Money that goes to the government

WHAT IS A COMMUNITY?

• Group of people working together for a common good

WHAT ARE THE BENEFITS OF TAXES?

• Get some money back
• Don't have to pay a lot for things

WHAT IS INCOME tAX?

• Tax on earned and unearned income

WHAT IS PAYROLL TAX?

• Tax on earned income that supports Social Security and Medicare

WHAT IS PROPERTY TAX?

• Tax on properties, like land, buildings, and motor vehicles

WHAT IS SALES TAX?

• Tax on items purchased in retail stores

WHAT IS AN EXCISE TAX?

• Taxes charged on consumption items

WHAT IS A W-2 FORM?

• Form that reports all wages you earned during the year

WHAT IS A W-4 FORM?

• Form that tells your employer how much of taxes you want taken out of your paycheck

WHAT DATE DO YOU HAVE TO PAY BY?

• April 15

TWO MOST IMPORTANT THINGS TO KNOW?

• Paying them on time
• Being aware what they are