Taxes

Angely Rodriguez

Sales Tax

-the tax you pay when you buy something

-government can impose sales tax on all levels

-they use sales tax to fund many programs such as education

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Excise Tax

-only applies to certain products

-usually imposed items such as: alcohol and tobacco

-federal level: gasoline, air transportation, fishing equipment, indoor tanning

-tax is not listed on the receipt

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Income Tax

-you pay on money you receive from various sources

-banks pay interest on money you keep in savings account

-investing money in stocks:

-all of this income is taxable

-federal income tax forms are due by April 15th

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Corporate Incorporate Tax

-tax on profits made by corporations
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Progressive Taxes

-the more income or profit a person or company has, the higher tax rate they pay
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Social Security

-basic retirement program run by the federal government

-people who become disabled eligible as well

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Medicare

-the federal government's health care system for people age 65 and over
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Estate Tax

-tax the government collects when a person dies, often called the death tax
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