Explain that taxes are paid to federal, state, and local governments to fund government goods and services and transfer payments from government to individuals and that the major types of taxes are income taxes, payroll (Social Security) taxes, property taxes, and sales taxes.
Calculate the amount of taxes a person is likely to pay when given information or data about the person’s sources of income and amount of spending.
Identify which level of government receives the tax revenue for a particular tax and describe what is done with the tax revenue.
Subject Area: Social Studies
Strand: Financial Literacy (Discontinued after 2023-2024)
Date Adopted or Revised: 04/15
Status: State Board Approved