Taxes

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What is Property Tax?

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A tax on the house or land you own.

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What is Income Tax?

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A tax calculated based on the amount of your income.

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What is Sales Tax?

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

Tags

CCSS.6.RP.A.3D

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What is Payroll Tax?

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A tax taken out of your paycheck to fund social security and Medicare.

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What does it mean to pay taxes?

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It means giving a portion of your income or purchase price to the government.

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CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

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Why do we pay taxes?

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To fund public services like schools, roads, and emergency services.

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What is a tax return?

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A form filed with the government to report income and calculate taxes owed.

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What is a tax deduction?

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An expense that you can subtract from your total income to reduce your taxable income.

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What is a tax credit?

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An amount that reduces the tax you owe, dollar for dollar.

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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 (like income tax), while indirect taxes are included in the price of goods (like sales tax).