I'm only 12 yrs old and i want to learn how taxes work?

Answer 1

There are different taxes and each work differently

Property taxes pay primarily for schools, sewers, road work and related matters.

Sales taxes pay for general state activities, including salaries, state sponsored welfare, county hospitals, etc.

Income taxes pay for government in general, including all salaries, roards, waterways, wars, welfare, aid to families of depenent children, federal authories, judiciary, etc.

Excise taxes pay for other things or are added to the above. Excise taxes include boats, cars, gasloine, etc.

Taxes pay for Goverment and Public Service.

Taxes pay the salaries of Aldermen, Mayors, Governors, Congress people, Presidents, Judges, Teachers, Principals, Secretaries, Food for children, Hospital bills for the poor, Welfare for the despondent.

There are also direct taxes such as Social Security that proves for YOU in the future.

Disability that proves for YOU if you are injured at work

Taxes amount to between 10% and 70% of what a person makes, based on their income.

Under $8,000 about 10%

Over $200,000 about 70%

Some people can play with the system, but under todays rules someone making over $50,000 has to pay at LEAST 25% in taxes.

Someone over $100,000 has to pay at least 35%

Someone under $8,000 has to pay at least 10%

Answer 2

I've been doing taxes since I was about 15 so that's not unusual. I learned by reading the 1040 instruction manual that's available for free at the library. I went to classes at H&R Block when I got older and now I do all my friends taxes each year. You can also go to the IRS website.

Answer 3

well young sir what ha pens is the government takes money from you depending on how much you make if you make a lot they take a lot if you make a little they take a little, if you ever hear your parents say they can right it off it means some money they spent had to do with there job so how much they spent can be deducted from there tax, for example my dad drills oil wells so driving is a right off for him. the government then takes your $ and build es rodes with it and stuff and some times gives it to poor lazy people that's called welfare

Answer 4

Start with kids.gov, a portal to the US Government for kids. There's a link on there called "Understanding Taxes for Students"

Answer 5

taxes are brought in once you are working, as in having a paying job. the more you earn, the more tax is deducted. how they do that is they deduct some of your pay from your bank check. this money is given to the government for funding amongst other things

Answer 6

your best bet to find all of your answers is to look up economics. but basically thisis how they go:
taxes are taken from purchases, income, land.
they are used towards things from community payroll (but they get taxed on their income also) to national interests (i.e. war, school funding, deficit, etc)
it all gets circulated to keep the economy moving
each state has its own taxes and they also tax different things.
hope this helps

Answer 7

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Answer 8

the more you buy the more you pay
the more you make the more you pay


5 out of every 10 dollars paid in taxes is waisted by corrupt polliticians.

3 out of every 10 dollars is paid to people who did nothing for it.

Answer 9

They work like this, you get a job, you get a paycheck and the government takes it's share because you live in this country. it comes right out of your check, thats how it works

Answer 10

u give money to government
government builds roads, goes to wars, builds schools, and lots of other stuff.