I can understand types of taxes

Jacob Jackson

Types of taxes

Income tax

Is a tax on earned and unearned income. Income tax is divided into to types of income tax


federal income tax- helps fund operations of federal government.


state income tax- operations of the state government

Big image

Payroll tax

A tax on earned income that supports the social security and medicare programs also

known as (FICA) .


It is collected to help fund social security and medicare programs

Big image

Property Tax

A tax on property such as land buildings, and motor vehicles.


It is collected to help fund schools and expenses of state and local government

Big image

Sales tax

Tax on purchased goods and services.


It is collected to help pay for expenses of state and local government.

Big image

Excise tax

Taxes collected from the seller or retailer and such often remain hidden.


Also collected to help fund expenses of states and local governments

Big image