4 Types of Taxes

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What is Payroll Tax?

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A tax that is taken out of an employee's paycheck to fund social security and Medicare.

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What is Property Tax?

Back

A tax based on the value of property owned, such as land or buildings.

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What is Income Tax?

Back

A tax that individuals pay on their earnings, usually calculated annually.

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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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How is Payroll Tax calculated?

Back

It is usually a percentage of an employee's gross income.

Tags

CCSS.7.RP.A.3

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What does Property Tax fund?

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It typically funds local services such as schools, roads, and public safety.

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When do you pay Income Tax?

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Income tax is usually paid once a year, based on your total earnings.

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What is the purpose of Sales Tax?

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To generate revenue for state and local governments.

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Can you give an example of Payroll Tax?

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Social Security and Medicare taxes deducted from your paycheck.

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What is the difference between Income Tax and Payroll Tax?

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Income tax is based on total earnings, while payroll tax is deducted from each paycheck.