Types of Taxes

Front

What is a Payroll Tax?

Back

A tax that employers withhold from employees' wages to fund social security and Medicare.

Front

What is a Property Tax?

Back

A tax based on the value of real estate property, paid by property owners.

Tags

CCSS.RI.5.5

CCSS.RI.4.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.3.5

Front

What is a Sales Tax?

Back

A tax imposed on the sale of goods and services, usually calculated as a percentage of the purchase price.

Tags

CCSS.6.RP.A.3B

Front

What is an Income Tax?

Back

A tax on an individual's earnings, typically calculated based on their income level.

Front

Example of Payroll Tax payment?

Back

An employer withholds money from an employee's paycheck for social security.

Front

Example of Property Tax payment?

Back

A homeowner pays taxes based on the assessed value of their house.

Tags

CCSS.7.RP.A.3

Front

Example of Sales Tax payment?

Back

A customer pays tax when buying a new cell phone.

Tags

CCSS.6.RP.A.3D

Front

Example of Income Tax payment?

Back

A worker pays taxes on their salary at the end of the year.

Front

What is the purpose of Taxes?

Back

To fund government services and programs such as education, healthcare, and infrastructure.

Front

Who pays Property Taxes?

Back

Property owners, such as homeowners and landlords.