2.02 I can understand tax
Dean Watson
Income Tax
A tax on earned and unearned income. Income tax is divided into federal and state income tax.
Payroll Tax
A tax on earned income that supports the Social Security and Medicare programs (also known as FICA).
Property Tax
A tax on land, buildings, and vehicles.
Sales Tax
Taxes on purchased goods.
Excise Tax
Purchase of certain items like gas, airplane tickets, and hotel rooms.