TYPES OF TAXES
What is income tax?
This tax is paid on the money people earn.
The government collects taxes.
Taxes are collected by the government.
Why do governments collect taxes?
To fund public services.
What is imposed or charged?
Meaning of levied.
Sales tax is usually paid separately after leaving the store.
False.
What is sales tax?
This tax is included in the price of goods and services.
Sales tax ______ to goods and services(apply).
is applied
Name two public services paid for by taxes.
Schools, hospitals, roads, infrastructure.
What is income or money earned?
Meaning of earnings.
Higher earners usually pay a higher percentage of income tax.
True.
What is property tax?
This tax is charged on houses and land.
People paid property tax last year.
Property tax was paid last year.
How often is property tax usually paid?
Annually (every year).
What is government income or money collected?
Meaning of revenue.
Make a passive sentence using:
"The government changed the tax law."
The tax law was changed by the government.
What are profits?
Income tax for businesses is calculated on this.
Tax laws ______ every year(change).
are changed
What may happen if people fail to pay taxes?
They may receive fines or imprisonment.
What are roads, bridges, public buildings, utilities, etc.?
Meaning of infrastructure
Use these words in one correct sentence:
income tax – collected – government
Income tax is collected by the government.
What is progressive?
In many countries, income tax is described as this because higher earners pay a higher percentage.
The taxes is collected every month.
The taxes are collected every month
or The tax is collected every month.
Why might governments increase sales tax?
To raise revenue or reduce consumption.
Meaning of subject to change
can be changed
Name the three taxes in today's lesson.
Income tax, Sales tax, Property tax.