which of the following is an example of a tax you must pay?
Which of the following is an example of a tax you must pay?
Answer: An example of a tax you must pay is the income tax. This is a tax levied by the government on the money you earn from working or other sources of income.
Types of Taxes You Might Pay:
- Income Tax: Charged on earnings from employment or businesses.
- Sales Tax: Added to the price of goods and services at the point of sale.
- Property Tax: Based on the value of owned property, such as a house.
- Payroll Tax: Deducted from your paycheck for Social Security and Medicare.
- Excise Tax: Applied to specific goods like gasoline or cigarettes.
Summary: The income tax is a primary example of a tax many people are required to pay, along with other taxes like sales and property taxes. Each tax has a specific purpose and structure, contributing to government revenue.