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 Payroll Tax?

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

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What is Income Tax?

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Income Tax is a tax on an individual's earnings from work, investments, and other sources.

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CCSS.RI.4.3

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

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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, paid by property owners to local governments.

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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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CCSS.6.RP.A.3B

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Why do we pay taxes?

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We pay taxes to fund government services such as education, healthcare, infrastructure, and public safety.

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How does Payroll Tax affect take-home pay?

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Payroll Tax reduces the amount of money employees take home after their gross pay is calculated.

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What is the difference between direct and indirect taxes?

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Direct taxes are paid directly to the government (e.g., income tax), while indirect taxes are included in the price of goods and services (e.g., sales tax).

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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 taxable income to reduce the amount of tax owed.

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What is a tax credit?

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A tax credit is an amount that taxpayers can subtract directly from the taxes they owe, reducing their overall tax bill.