Taxes Facts
- The word “tax” is from the Latin taxo, meaning “I estimate.
- April 18 is Tax Day
- 16 th amendment states- "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
- Ohio Sales Tax- 5.75 percent
- Income Tax- The federal government of the United States collects tax on your income,most states and local government have taxes
- Sales Tax-Whenever you buy products,you'll be charged sales tax,sales tax varies state by state, Some states don't even have a sales tax
- Property Tax- If you live in apartment,you don't have to worry about Property Tax,the states with no state income have very high property tax.Tax rate is based off city,town,or country. You will be charged Property Tax based on the assessed value of your property.
- Estate Tax- Is the transfer of the estate of a deceased person. The tax applies to property that is transferred via a will or according to state laws of intestacy.
- Occupancy Tax- Occupancy tax is a tax on the rental of rooms that your state or locality may require. It varies bu state,city and country.
- Sin Tax- is an excise tax specifically levied on certain goods deemed harmful to society, for example alcohol and tobacco, candies, drugs, soft drinks, fast foods, coffee, sugar, and gambling. This taxes keeps from people from buying this harmful products.