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Taxes

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PRESENTATION OUTLINE

What i know about TAXES

BY KENZIE
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What are taxes?

money you pay to the government to support itself and other services
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what is a community?

group of people working together for a common good

what are the benefits of taxes?

medicare, social security, military, public schools, police departments
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what is an income tax?

a tax on earned and unearned income
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what is a payroll tax?

tax on earned income that supports Social Security & Medicare
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WHAT IS A property tax?

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

what is a sales tax?

tax on items purchased in retail stores
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what is an excise tax?

taxes charged on consumption items
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what is a w-2 form?

tells you how much was actually taken out of your paycheck for taxes, and how much you actually earned
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what is a w-4 form

tells your employer how much you want taken out of your paycheck for taxes

what day do you have to pay your taxes by?

April 15th

what are the two most important things to know about taxes?

they help pay for public services and they are usually the biggest expense for most people