taxes and income tax

tackling income taxes

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Ugh… taxes. Let’s be real, they kinda suck. But what are taxes anyway? Why do we get taxed, and what are income taxes? We’ll kick this course off with the basics.

taxes and income tax

tackling income taxes

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  • Overview
  • Transcript
  • Resources

taxes and income tax

tackling income taxes

Ugh… taxes. Let’s be real, they kinda suck. But what are taxes anyway? Why do we get taxed, and what are income taxes? We’ll kick this course off with the basics.

What are taxes and why do you have to pay them? What is income tax?

We’ll start this course off with the basics to set the foundation for all the knowledge we’re about to drop.

 

To kick it off, what are taxes and why do we have to pay them? Your tax dollars go to a lot of essential government functions – from supporting welfare, to social security, fixing roads, paying government officials, and more.

 

Who do we pay taxes to?

In many cases, you have to pay taxes to federal, state, and local entities depending on where you live. Taxes exist in many forms and you pay them on anything you buy, earn, or own – think sales taxes, property taxes, income taxes, and more.

 

Income taxes are some of the most frustrating when it comes to tax-paying. Why is that? Well, we work hard to make money only to have to give some of it away in the form of income taxes.

 

You pay income taxes federally and might pay them to the state and local authorities, too, depending on where you live. Any type of income tax can qualify, including salaried income, capital gains from buying or selling stocks, dividends, interest earned – really anything that puts money in your bank account can be subject to taxes. Yeah, it sucks. Basically, when you get money, you have to give money.

 

In the next lesson, we’ll dive deeper into taxable income.

 

Source(s): Tax Foundation

Transcript

What are taxes and why do you have to pay them? What is income tax?

We’ll start this course off with the basics to set the foundation for all the knowledge we’re about to drop.

 

To kick it off, what are taxes and why do we have to pay them? Your tax dollars go to a lot of essential government functions – from supporting welfare, to social security, fixing roads, paying government officials, and more.

 

Who do we pay taxes to?

In many cases, you have to pay taxes to federal, state, and local entities depending on where you live. Taxes exist in many forms and you pay them on anything you buy, earn, or own – think sales taxes, property taxes, income taxes, and more.

 

Income taxes are some of the most frustrating when it comes to tax-paying. Why is that? Well, we work hard to make money only to have to give some of it away in the form of income taxes.

 

You pay income taxes federally and might pay them to the state and local authorities, too, depending on where you live. Any type of income tax can qualify, including salaried income, capital gains from buying or selling stocks, dividends, interest earned – really anything that puts money in your bank account can be subject to taxes. Yeah, it sucks. Basically, when you get money, you have to give money.

 

In the next lesson, we’ll dive deeper into taxable income.

 

Source(s): Tax Foundation

Additional Resources

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