4 answers

How do taxes work?

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Why are they a thing #career #work

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4 answers

Kim’s Answer

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The government gets its money from the people. It uses this money to provide services. This includes things like road construction and maintenance, airport runway maintenance, school bus transportation, teacher salaries, school buildings, healthcare for the needy, regulatory agencies to keep us safe (Food and Drug Administration, Health Inspectors), Animal Control, Police , Fire, and EMS, etc.

There are many kinds of taxes: Payroll taxes, which take part of your salary; Sales taxes, which you pay at the store; and Property taxes, which you would pay if you owned a home. Then there are all sorts of fees and permits which are considered hidden taxes: these are evident on a cell phone bill, for example.


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Celine’s Answer

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As mentioned in Kim's answer, taxes are used by the government to provide federal services that we all benefit from. There are many different kinds of taxes.

The taxes that you are referring to are likely the annual property and payroll taxes typically due on April 15 for Americans each year (with the exception of this year). Once you hit a certain level of income or own property, you are expected to pay these taxes annually. These taxes are paid according to things like your W-2 Form, which is provided by your employer or the 1099 Form, which is often used for other income outside of salaries, wages and tips.

Especially for younger work professionals, there are helpful tools like TurboTax that can help you pay your taxes annually!
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Angela’s Answer

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Income taxes are based on calendar year. On April 15th taxes for the previous year are due to the government (specifically the Internal Revenue Service or the IRS). Depending upon how much you have taken from your paycheck throughout the year, you may owe money to the government or you might get money back (also called a refund).
As you plan your budget, you’ll want to make sure that you have some money available in case you need to pay taxes by the April 15th deadline.
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Boopathy’s Answer

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You pay federal and provincial tax on the income you earn. You are required to report your total income to the government agency when you file your tax return. The tax you pay is based on your taxable income. The rate of tax increases as your taxable income increases and exceeds certain amounts, called tax brackets. You can reduce your taxable income and the taxes you pay by taking advantage of deductions and credits.
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