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Understanding Taxes

Understanding Taxes. What is a Tax?. Tax is a financial charge on a taxpayer by the federal and state governments. So… What things can you be taxed on?. Goods and Services. Personal or Business Income. Remember that there are State and Federal Taxes.

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Understanding Taxes

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  1. Understanding Taxes

  2. What is a Tax?

  3. Tax is a financial charge on a taxpayer by the federal and state governments.

  4. So… What things can you be taxed on?

  5. Goods and Services Personal or Business Income

  6. Remember that there are State and Federal Taxes They are the ones in charge of collecting tax revenues for the State and Federal governments.

  7. But why would they take our money away?!?!?!

  8. What are the tax rates?

  9. So… How much do I have to make to be required to file taxes?

  10. You must file taxes if you earn the following amounts of income: Self-employed, any age: $400Children and Teens classified as a dependent: $5,700Single, under 65: $9,350 Single, over 65: $10,750 Married, filing jointly, both spouses under 65: $18,700 Married, filing jointly, one spouse over 65: $19,850 Married, filing jointly, both spouses over 65: $20,900 Married, filing separately, any age: $3,650

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