Taxes People Pay
description
Transcript of Taxes People Pay
Unit 2: Lesson 1
What are taxes? ◦ Taxes are funds, or money, that local, state, and federal
governments collect to pay their bill Who pays taxes?
◦ People who hold jobs, buy things, or own property pay taxes. In short just about everyone pays taxes.
How Do I pay taxes?◦ Almost invisible. Automatically charged when
purchasing anything including utility bills.◦ Automatically taken out of paychecks.
Page 44
How am I affected by taxes?◦ We have extra taxes on nearly everything that we buy.◦ Our take-home pay is reduced (income tax)◦ Property tax (home, car, business)◦ Utilities◦ GET “free” services – police, armed forces, roads
Why do I need to know about taxes?◦ KNOW how taxes affect your pay! ◦ (At Finance Park, you will be required to pay income and
payroll (Social Security and Medicare) taxes.)◦ You must be able to calculate your net monthly income to
know exactly how much money you’ll have left to spend after taxes.
Page 44
Tax◦ Book Definition: A required payment to the
government.◦ Write your definition on the right side of the page.
Page 59
7 people read the cards. Vote if you think if it is real or fake. Check the corresponding box on page 45.