Tax

Tax
required payment on
goods, property, etc.
that goes to the
government.

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Sales Tax
• a tax levied on the sale of
goods and services that is
usually calculated as a
percentage of the purchase
price and collected by the
seller.

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Income Tax
• annual taxes levied by the
federal government and
most state governments on
individual and business
income (FICA, STATE, LOCAL,
FEDERAL)

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Property Tax
a levy on property that the
owner is required to pay
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 Ad Valorem
• a form of taxation based on the
value of a transaction or
a property, either real estate or
personal property.
Why Taxes?
My Taxes
How does the government know how
much to tax me?
 Tax Forms
• W4-Internal Revenue Service (IRS) tax form completed by
an employee in the United States to indicate his or her tax
situation to the employer.
• tells the employer the correct amount of tax to
withhold from an employee's paycheck
• Form 1040 is the standard Internal Revenue Service (IRS)
form that individual taxpayers use to file their annual
income tax returns

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