BF05 - Personal Finance

1. Taxes
Introduction to

2. Taxes
A sum of money demanded by a government to support the government itself as well as specific facilities or services
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3. Taxpayer
A person who pays a tax to national, state, county or municipal (city/town) governments
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4. Benefits
of taxes

5. Benefits of taxes include funding for roads, libraries,
military, public schools, police, fire departments, and
parks.
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6. Taxes
Types of

7. Income Tax
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8. Income Tax
Payroll Tax
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9. Income Tax
Payroll Tax
Property Tax
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10. Income Tax
Payroll Tax
Property Tax
Sales Tax
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11. Income Tax
Payroll Tax
Property Tax
Sales Tax
Excise Tax
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12. Taxes
Tax on all earned (money earned from working) and unearned (money earned from sources other than working).
Income

13. Taxes
Tax on all earned (money earned from working) and unearned (money earned from sources other than working).
Income
Federal Income Tax + State Income Tax = Income Tax

14. Taxes
A tax on earned income that supports the Social Security and Medicare programs (also known as FICA)
Payroll

15. Taxes
A tax on property, such as land, buildings (including homes), and motor vehicles
Property

16. Taxes
Tax on purchased goods and services
Sales

17. Taxes
Taxes collected from the seller or retailer and as such often remain hidden in the price of a produce or service
Excise

18. Rates
How are
determined?
Tax

19. Tax rates are determined elected representatives, voted into office by the taxpayers.
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20. Without taxes it would be hard to pay for many of the benefits of being a member of a community

21. Without taxes it would be hard to pay for many of the benefits of being a member of a community, The amount of taxes you pay and what you pay those taxes on will vary depending upon where you live and your income.