Taxes
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PRESENTATION OUTLINE
WHAT I KNOW ABOUT
Taxes
WHAT ARE TAXES?
Money that people pay to fund services and facilities
WHAT IS A COMMUNITY?
Group of people who work together for a common good
WHAT ARE THE BENEFITS OF TAXES?
Roads, school, military
WHAT IS AN INCOME TAX?
A tax on earned and unearned income
WHAT IS A PAYROLL TAX?
Tax on earned income that supports SS and Medicare
WHAT IS PROPERTY TAX?
Tax on property, such as land, homes, or vehicles
WHAT IS SALES TAX?
Tax on items purchased in retail stores
WHAT IS EXCISE TAX?
A tax charged on consumption items
WHAT IS A W-2 FORM?
- Receive from your employer and tell how much was actually taken out for taxes and how much money you earned
WHAT IS A W-4 FORM?
- What you fill out and give to your employer telling how much you want taken out of your paycheck for taxes based on your allowance and dependents
WHAT DATE DO YOU HAVE TO PAY YOUR TAXES BY?
April 15
WHAT ARE TWO MOST IMPORTANT THINGS TO KNOW ABOUT TAXES?
- Taxes are used for roads, education and military/police/fire departments
- They are one of the largest expenses for some people
