Financial Literacy Taxes

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What is Property Tax?

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A tax paid by property owners based on the value of their property, usually assessed annually.

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What is Social Security Tax?

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A tax deducted from a person's paycheck that helps fund retirement benefits and social services.

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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.

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What type of tax do homeowners pay annually?

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Property Tax.

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What are Payroll Taxes?

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Taxes that are deducted from an employee's paycheck, including Social Security and Income Tax.

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What is Income Tax?

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A tax on an individual's earnings, usually deducted from their paycheck.

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Why do we pay taxes?

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

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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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An expense that can be subtracted from gross income to reduce the amount of taxable income.

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What is a tax return?

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