WHAT I KNOW ABOUT TAXES

Taxes
A sum of money demanded by the government to pay for the government itself as well as specific facilities or services

Community
A group of people working together for a common good

Benefits of Taxes
Roads
Public schools
Police/Fire Department
Libraries
Military

Income tax
A tax on earned and unearned income

Payroll Tax
A tax on earned income that supports the Social Security and Medicare programs

Property Tax
A tax on property sucks as land, buildings, and motor vehicles

Sales Tax
A tax on items purchased in retails stores

Excise Tax
Taxes charged on consumption items

W-2 Form
What you receive from your employer telling how much you made and what was taken out for taxes

W-4
Form you fill out that tells your employer how much money you're going to take out for taxes

IMPORTANT TINGS TO KNOW

• Pay your taxes on time (April 15)
• Taxes pay for Medicare and Social Security