2.02 I can understand taxes
Chad Leonard
Income Tax is a tax on earned and unearned income
Earned income- Money earned from working for pay. Example: wages, salaries
Unearned income- income received from sources other than employment. Example: Interest
Payroll Tax, a tax on earned income that supports the Social Security and Medicare programs
A set of % earned income. Example: Deducted out of paycheck
Individuals who earn income from working for pay employers
Property Tax, a tax on property, land, buildings
% of property value
the fee to license a car
Schools, expenses of state and local governments
Sales Tax, tax on purchased goods and services
A % added to the original price of an item
Anyone who purchases an item charged with sales tax
Expenses of state and local governments
Excise Tax, Taxes collected from the seller and retailer and such often remain hidden in the price of the produce or service
Purchase of certain items. Example: Gas, Hotel rooms Airline tickets
Anyone who purchases certain items that are charged an excise tax, excise taxes charged vary by location
Expenses of state and local governments.
Cities
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