Docstoc

Taxes

Document Sample
Taxes Powered By Docstoc
					        Taxes

Federal, State, and Local
                  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.
• 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
                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.
          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.
           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.
          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.
                   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
          Taxes Tree Map
Federal


State




Local

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:5
posted:4/4/2011
language:English
pages:9