What I Know About Taxes
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PRESENTATION OUTLINE
WHAT ARE TAXES?
taxes are a sum of money demanded by government
WHAT IS A COMMUNITY
towns, cities, states, counties
WHAT ARE THE BENEFITS OF TAXES?
New roads, libraries, military and police services, public schools, recreation
WHAT IS AN INCOME TAX
Money earned from working for pay.
WHAT IS PAYROLL TAX?
A tax on earned income that supports the Social Security and Medicare programs.
WHAT IS A PROPERTY TAX?
A tax on property such as land, buildings, and motor vehicles.
WHAT IS SALES TAX?
A tax on items purchased in retail stores.
WHAT IS AN EXCISE TAX?
Taxes charged on consumption items.
WHAT IS A W-2 FORM?
Form you use to file your taxes
WHAT IS A W-4 FORM?
A form that tells your employer how much taxes to take out of paycheck
WHAT DATE DO YOU HAVE TO PAY YOUR TAXES BY?
April 15
WHAT ARE THE MOST IMPORTANT THINGS TO KNOW ABOUT TAXES
- There are taxes on almost everything so be prepared to pay more than you think you will pay.
- Taxes are taken out of your paycheck
