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Taxes People Pay

Taxes People Pay. Unit 2: Lesson 1. Overview of Unit 2. 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.

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Taxes People Pay

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  1. Taxes People Pay Unit 2: Lesson 1

  2. Overview of Unit 2 • 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

  3. Overview of Unit 2 • 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

  4. Word Map • Tax • Book Definition: A required payment to the government. • Write your definition on the right side of the page. Page 59

  5. The Price We Pay • 7 people read the cards. • Vote if you think if it is real or fake. • Check the corresponding box on page 45. All of those taxes were LEGITMATE!!!

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