WHAT I KNOW ABOUT TAXES

TAXES

• Money the government collects from everyone to help support the government

COMMUNITY

• A group of people working for a common good.

BENEFITS OF TAXES

• Pays for public schools
• Supports military
• Pays for government employees

INCOME TAXES

• A tax on earned and unearned income
• Divided into federal income tax and state income tax

PAYROLL TAX

• Money collected from paychecks
• Social security
• Medicare

PROPERTY TAX

• Taxes on houses automobiles
• % of money you paid for the item

SALES TAX

• Taxes on purchased items
• Added onto the items price

EXCISE TAX

• Taxes added to consumption items

W-2 FORM

• A form used for filing out your taxes
• Wage and Tax statement

W-4 FORM

• Tells your employer the percentage of money you want taken out of your paycheck for taxes

WHEN ARE TAXES DUE???

IMPORTANT TAX INFO

• Taxes keep our government alive
• Without taxes we wouldn't have free public schools or protection from our military