WHAT I KNOW ABOUT TAXES

TAXES

COMMUNITY

• Group of people working together for a common good

BENEFITS OF TAXES

• Roads
• Schools
• Libraries
• Military
• Police and Fire departments

INCOME TAX

• Tax on earned and unearned income

PAYROLL TAX

• Tax on earned income that supports Social Security and Medicare

PROPERTY TAX

• Tax on property, such as land, vehicles and buildings

SALES TAX

• Tax on items purchased in retail stores

EXCISE TAX

• Taxes charged on consumption items

W-2 FORM

• What you use to file your taxes

W-4 FORM

• Tells you how much money you want out of your paycheck

WHEN SHOULD YOUR TAXES BE PAID

• April 15

IMPORTANT THINGS TO KNOW

• Help support the military, schools, and police and fire departments
• Money taken out of your paycheck