4 Types of Taxes

Front

What are taxes?

Back

Money you must pay to the government.

Front

What type of tax is added to the price of goods at the store?

Back

Sales tax.

Front

What type of tax is paid on your income?

Back

Income tax.

Front

What type of tax is based on the value of property you own?

Back

Property tax.

Front

What is sales tax?

Back

A tax added to the price of goods and services at the time of purchase.

Front

What is income tax?

Back

A tax that you pay once a year based on your earnings.

Front

What is property tax?

Back

A tax based on the value of real estate you own.

Front

What is payroll tax?

Back

A tax taken out of your paycheck to fund social security and Medicare.

Front

When do you typically pay income tax?

Back

Once a year, based on your total income.

Front

What is an example of a purchase that includes sales tax?

Back

Buying a new video game.