Types of Taxes

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What is Property Tax?

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

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What is Income Tax?

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A tax that individuals pay on their earnings, usually deducted from their paycheck.

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What is Sales Tax?

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A tax added to the price of goods and services at the time of purchase.

Tags

CCSS.6.RP.A.3D

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What is Payroll Tax?

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

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Example of Property Tax payment?

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Javier owns a small cabin on several acres of land and pays taxes each year for it.

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Example of Income Tax payment?

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Gabriela works as an engineer and pays taxes on all her earnings each year.

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Example of Sales Tax payment?

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Marcos paid taxes when he bought clothes at the mall.

Tags

CCSS.6.RP.A.3D

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What is the purpose of Taxes?

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

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What is a Tax Deduction?

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An expense that you can deduct from your total taxable income to reduce the amount of tax owed.

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What is a Tax Credit?

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An amount that taxpayers can subtract directly from the taxes they owe, reducing their tax bill.