Financial Literacy Taxes

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What is Income Tax?

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Income Tax is a tax paid on the money you earn annually.

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What is Sales Tax?

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Sales Tax is a tax added to the purchase price of goods and services.

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What type of tax is deducted from your paycheck?

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Income Tax and Payroll Tax are deducted from your paycheck.

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What is Property Tax?

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Property Tax is a tax paid on the value of property owned, such as land or buildings.

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How does Income Tax work?

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The more money you make, the higher percentage is taken out as Income Tax.

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What is Payroll Tax?

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Payroll Tax is a tax that employers withhold from employees' paychecks to fund social security and Medicare.

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What is the purpose of taxes?

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Taxes are used to fund government services and programs.

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What is a tax deduction?

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A tax deduction is an expense that you can deduct from your total income to reduce the amount of tax you owe.

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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 refund?

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A tax refund is money returned to you by the government if you paid more tax than you owed.