Taxes

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What is a tax?

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A tax is a mandatory financial charge imposed by a government on individuals or businesses to fund public services and infrastructure.

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What is Income Tax?

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Income Tax is a tax that individuals or businesses pay on their earnings or profits.

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What is Property Tax?

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Property Tax is a tax based on the value of real estate property, usually paid annually.

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What is Sales Tax?

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Sales Tax is a tax added to the price of goods and services at the time of purchase.

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What is Payroll Tax?

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

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How is Income Tax calculated?

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Income Tax is calculated based on the amount of money earned, with different rates applied to different income brackets.

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What happens to Property Tax when the value of a house increases?

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When the value of a house increases, the Property Tax usually increases as well.

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What is the purpose of Sales Tax?

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The purpose of Sales Tax is to generate revenue for state and local governments.

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Can businesses pay Income Tax?

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Yes, businesses pay Income Tax on their profits, just like individuals do.

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What is an example of a good that might have Sales Tax?

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An example of a good that might have Sales Tax is clothing, like a shirt.