Taxes

Front

What is a tax?

Back

A tax is a mandatory financial charge imposed by a government on individuals or businesses to fund public services and infrastructure.

Front

What is property tax?

Back

Property tax is a tax based on the value of real estate property, such as land and buildings.

Front

What is sales tax?

Back

Sales tax is 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 income tax?

Back

Income tax is a tax on an individual's or entity's income, typically calculated as a percentage of earnings.

Front

What is payroll tax?

Back

Payroll tax is a tax imposed on employers and employees, usually based on wages paid, to fund social security and healthcare.

Front

What happens to property taxes when the value of a home increases?

Back

When the value of a home increases, property taxes usually increase as well.

Front

What type of tax do you pay when you buy groceries?

Back

In many places, groceries are exempt from sales tax, but this can vary by location.

Front

What is the purpose of taxes?

Back

The purpose of taxes is to fund government services, infrastructure, and public programs.

Front

What is a tax return?

Back

A tax return is a form filed with the government to report income, expenses, and other tax information.

Front

What is a tax deduction?

Back

A tax deduction is an expense that can be subtracted from total income to reduce the amount of taxable income.