Taxes

Front

What is Sales Tax?

Back

Sales Tax is a tax imposed on the sale of goods and services, usually calculated as a percentage of the purchase price.

Tags

CCSS.6.RP.A.3B

Front

What is Payroll Tax?

Back

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

Front

What is Income Tax?

Back

Income Tax is a tax levied by the government on an individual's earnings, typically calculated based on their total income for the year.

Tags

CCSS.RI.4.3

CCSS.RI.4.5

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

Front

What is Property Tax?

Back

Property Tax is a tax based on the value of owned property, such as land and buildings, usually paid to local governments.

Front

How is Sales Tax calculated?

Back

Sales Tax is calculated by multiplying the purchase price by the sales tax rate.

Tags

CCSS.6.RP.A.3B

Front

What is the purpose of Income Tax?

Back

Income Tax helps fund government services and programs, such as education, healthcare, and infrastructure.

Front

What is an example of a good that is subject to Sales Tax?

Back

An example of a good subject to Sales Tax is a video game purchased at a store.

Front

What does Payroll Tax fund?

Back

Payroll Tax funds social security and Medicare programs that provide benefits to retirees and the disabled.

Front

What is the difference between Sales Tax and Income Tax?

Back

Sales Tax is charged on purchases, while Income Tax is based on earnings.

Front

Why do governments collect Property Tax?

Back

Governments collect Property Tax to fund local services such as schools, police, and fire departments.