What is a tax?
Taxes

Flashcard
•
Mathematics
•
5th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A tax is a mandatory financial charge imposed by a government on individuals or businesses to fund public services and infrastructure.
2.
FLASHCARD QUESTION
Front
What is Income Tax?
Back
Income Tax is a tax that individuals or businesses pay on their earnings or profits.
3.
FLASHCARD QUESTION
Front
What is Property Tax?
Back
Property Tax is a tax based on the value of real estate property, usually paid annually.
4.
FLASHCARD QUESTION
Front
What is Sales Tax?
Back
Sales Tax is a tax added to the price of goods and services at the time of purchase.
5.
FLASHCARD QUESTION
Front
What is Payroll Tax?
Back
Payroll Tax is a tax that employers withhold from employees' wages to fund social security and Medicare.
6.
FLASHCARD QUESTION
Front
How is Income Tax calculated?
Back
Income Tax is calculated based on the amount of money earned, with different rates applied to different income brackets.
7.
FLASHCARD QUESTION
Front
What happens to Property Tax when the value of a house increases?
Back
When the value of a house increases, the Property Tax usually increases as well.
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