What are Taxes? | Money Instructor

What are taxes? How do they Work? Learn about the types of taxes, their importance in funding government operations, and how they affect you. Discover how to navigate the tax system for smarter financial decisions.

Taxes 101. Learn the basics about taxes and taxation and why do we pay taxes. Also, the types of taxes including sales tax, federal income tax, property tax, and payroll tax.

Discover the essentials of taxation and how it impacts both individuals and businesses. Learn about the different types of taxes, including income, sales, and property taxes, and understand their role in funding government operations such as education, healthcare, and infrastructure. Explore the significance of the Internal Revenue Service (IRS) and how taxes are collected at federal, state, and local levels. Gain insights into payroll taxes and their contribution to social insurance programs like Social Security and Medicare. This summary will equip you with the knowledge to navigate the complexities of the tax system, enabling smart financial decisions and a clearer understanding of your contributions to public goods and services.

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Money Instructor is the leading source for financial education and skills development. For over two decades, we have been assisting educators, students, parents, and others in teaching and learning about money skills, personal finance, money management, investing, business, and career development. We provide resources and tools to help teachers, parents, and institutions teach these crucial skills to young people. By doing so, we also aim to reinforce basic math, reading, vocabulary, and other fundamental skills that are essential for success in life.
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Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.