I Can Understand Taxes

Sarah Hedrick

Payroll

Payroll ~ (Federal and State)

Taxes you are required to withhold or pay on your behalf of your employees

- You are required to hold to withhold state and federal income taxes as well as social security and Medicare taxes from your employee's wages


Excise

Taxes paid when purchases are made on a specific good

-Often included in the price of the product

(On activities such as wagering or highway usage by trucks)

Income

A government levy tax imposed on individuals that varies with the profit of the taxpayer

(Details vary by jurisdiction)

Sales

Tax paid to a governing body for the sales of certain goods and services

)The amount of tax you pay is figured as a percentage pf the sale price)

Property

Levy on property that the owner is required to pay

- May be payed to a national government, a federal state, a county or geographical region,

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