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
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
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
Corporate Incorporate Tax
-tax on profits made by corporations
Progressive Taxes
-the more income or profit a person or company has, the higher tax rate they pay
Social Security
-basic retirement program run by the federal government
-people who become disabled eligible as well
Medicare
-the federal government's health care system for people age 65 and over
Estate Tax
-tax the government collects when a person dies, often called the death tax