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Taxes

Taxes. Federal, State, and Loca l. Sales Tax. Sales tax is a tax on goods purchased Florida law mandates a minimum sales tax rate of 6%, collected by the state government to provide services to all Floridians.

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Taxes

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  1. Taxes Federal, State, and Local

  2. Sales Tax • Sales tax is a tax on goods purchased • Florida law mandates a minimum sales tax rate of 6%, collected by the state government to provide services to all Floridians. • However, the law also provides for a local option sales tax that lets each county set its own local tax that is collected on top of the general state rate.

  3. What does this mean for you? Practically speaking, it means that you'll pay a different sales tax rate in each Florida county • This means that sales tax can be both a state tax and a local tax • Ex. St Lucie county has a sales tax of 6.5%- 6% goes to the state and 0.5% goes to the county • Ex. Broward county has a 6% sales tax which means all of it goes to the state and none to the county

  4. Property tax • Property tax is a tax paid on land or a house • It is a local tax • It is the main tax a county collects to run their governments, police departments, and fire departments.

  5. Federal Income tax • Federal income tax- tax paid by every American based on their salary. • The percent of tax changes according to how much money a person makes. • These are the funds that provide income for our government. • They are normally taken directly from your paycheck.

  6. Other income taxes • Some states also have an additional tax. Only 7 states do NOT have state income tax and Florida is one of them. • Some cities (local) also have a city income tax, for example, New York City has a city incometax.

  7. Other federal “taxes” • There are 2 additional “taxes” taken out from a person’s salary though they are used differently than most taxes • Medicare provides medical insurance to people who are disabled or over 65 • Social Security provides a small monthly payment to people who are disabled or over 65 to help cover things such as rent, electricity, and food. • These “taxes” are automatically taken by the government, much like federal income tax.

  8. Tree Map • On your own sheet of paper, copy down the tree map located on the next slide. • Place all taxes into the tree map. • Remember that a tax may be at more than one level. • For each level, write the name of the tax on the first line and a brief explanation of what it is on the second line

  9. Taxes Tree Map Federal State Local

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