Taxes

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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

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What is Payroll Tax?

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

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What is Income Tax?

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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.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 owned property, such as land and buildings, usually paid to local governments.

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How is Sales Tax calculated?

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

Tags

CCSS.6.RP.A.3B

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What is the purpose of Income Tax?

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

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

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

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What does Payroll Tax fund?

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

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What is the difference between Sales Tax and Income Tax?

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

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Why do governments collect Property Tax?

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