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2.02 Basic of Taxes

AB
CommunityA group of people with common interests and concern for the common good
Earned incomeMoney earned from working for pay
Excise taxTaxes collected from the seller or retailer and as such often remain “hidden” in the price of a product or service, rather than being listed separately
Income taxA tax on earned and unearned income
Payroll taxA tax on earned income
Property taxA tax on property, such as land, buildings (including homes), and automobiles
Sales taxA tax on purchased goods and services
TaxesA sum of money demanded by a government to support the government itself as well as specific facilities or services
TaxpayerA person who pays a tax to national, state, county or municipal governments
Unearned incomeIncome received from sources other than employment



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