Taxes

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What is a tax?

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

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What is property tax?

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

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What is sales tax?

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

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What is income tax?

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

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What is payroll tax?

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

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

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

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

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

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What is the purpose of taxes?

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

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What is a tax return?

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

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What is a tax deduction?

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