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Taxes Introduction to

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BF05 - Personal Finance

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Page 1: Introduction toTaxes

Taxes Introduction to

Page 2: Introduction toTaxes

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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Page 3: Introduction toTaxes

Taxpayer A person who pays a tax to national, state, county or municipal (city/town) governments

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Page 4: Introduction toTaxes

Benefits of taxes

Page 5: Introduction toTaxes

Benefits of taxes include funding for roads, libraries,

military, public schools, police, fire departments, and

parks.

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Page 6: Introduction toTaxes

Taxes Types of

Page 7: Introduction toTaxes

Income Tax

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Page 8: Introduction toTaxes

Income Tax

Payroll Tax

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Page 9: Introduction toTaxes

Income Tax

Payroll Tax

Property Tax

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Page 10: Introduction toTaxes

Income Tax

Payroll Tax

Property Tax

Sales Tax

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Page 11: Introduction toTaxes

Income Tax

Payroll Tax

Property Tax

Sales Tax

Excise Tax

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Page 12: Introduction toTaxes

Taxes Tax on all earned (money earned from

working) and unearned (money earned

from sources other than working).

Income

Page 13: Introduction toTaxes

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

Page 14: Introduction toTaxes

Taxes A tax on earned income that supports

the Social Security and Medicare

programs (also known as FICA)

Payroll

Page 15: Introduction toTaxes

Taxes A tax on property, such as land, buildings

(including homes), and motor vehicles

Property

Page 16: Introduction toTaxes

Taxes Tax on purchased goods and services

Sales

Page 17: Introduction toTaxes

Taxes Taxes collected from the seller or retailer

and as such often remain hidden in the

price of a produce or service

Excise

Page 18: Introduction toTaxes

Rates

How are

determined?

Tax

Page 19: Introduction toTaxes

Tax rates are determined elected

representatives, voted into office

by the taxpayers.

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Page 20: Introduction toTaxes

Without taxes it would be hard to pay for

many of the benefits of being a member

of a community

Page 21: Introduction toTaxes

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.


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