Taxes

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What is a tax?

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A tax is a mandatory financial charge imposed by a government on individuals or entities to fund public services and infrastructure.

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What is income tax?

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Income tax is a tax on the money earned by individuals or businesses, usually calculated as a percentage of their income.

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What is property tax?

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Property tax is a tax based on the value of owned property, such as land and buildings, used to fund local services like schools and fire departments.

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What is sales tax?

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Sales tax is a tax imposed on the sale of goods and services, calculated as a percentage of the retail price.

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What is payroll tax?

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Payroll tax is a tax that employers withhold from employees' wages to fund social security and Medicare.

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What is a charitable donation deduction?

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A charitable donation deduction allows taxpayers to reduce their taxable income by the amount they donate to qualified charitable organizations.

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When are income taxes typically due?

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Income taxes are typically due on April 15th each year in the United States.

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What is gross income?

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Gross income is the total income earned by an individual or business before any deductions or taxes are applied.

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What is net income?

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Net income is the amount of money remaining after all expenses, taxes, and deductions have been subtracted from gross income.

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What is the purpose of taxes?

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The purpose of taxes is to fund government operations, public services, and infrastructure, such as schools, roads, and emergency services.