TAXES

6.payroll tax generally refers to two different kinds of similar taxes. The first kind is a tax that employers are required to withhold from employees' pay, also known as withholding,
 * 1) __**taxes**__ is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law.
 * 2) a tax on; "The State taxes alcohol heavily"; "Clothing is not taxed in our state"
 * 3) tax - set or determine the amount of (a payment such as a fine)
 * 4) tax - use to the limit; "you are taxing my patience"
 * 5) tax - charge against a citizen's person or property or activity for the support of government
 * .estate taxes =**n inheritance tax (also known as an estate tax or death duty) is a tax which arises on the death of an individual. It is a tax on the estate, or total value of the money and property, of a person who has died.

An income tax is a tax levied on the income of individuals or business (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive...

Have you ever looked at the lottery winnings or game shows on TV, and thought to yourself: "Holy Dancing Starbucks Frappuccinos! I would love to win all that loot!" Well, If you do win, your going to have to pay those taxes with the money you won. People won't care if the prize is in the form of a car or a vacation to a fancy-shmancy Vegas resort. 50% of your winnings may have to go to the IRS. For instance, someone who won on Survivor in 2010 was fined for tax evasion. __Taxes __ Tax-is money collected by a government from its citizens for the purpose of the government. Sales Tax-taxes used when making a purchase at a store. · Imposed by state governments, not the federal government. o Philadelphia=2% Real Estate Taxes-is a tax on buildings and land. · These taxes primarily fund local schools. The difference between what we earn and take home is referred to as __take-home pay__. Hourly wage multiplied by hours worked = gross pay __3 Types of Payroll Taxes __ 1. Federal Income Taxes 2. State Income Taxes 3. Social Security The government body that carries out the federal tax system is known as the Internal Revenue Service (IRS) __Filing Status __ · Single · <span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Married filing jointly · <span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Married filing separately · <span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Head of household · <span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Qualifying window with dependent child