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Understanding Taxes

Taxes might seem complicated, but they're an essential part of being a financially responsible citizen. This toolkit will introduce young women to the basics of taxes, helping you understand where your money goes and why it matters.

Key Concepts

  • Taxes: Mandatory contributions levied by a government on the income, property, or sales of individuals and businesses, used to fund public services.

  • Income Tax: Tax on the money you earn.

  • Sales Tax: Tax on goods and services you purchase.

  • Payroll Taxes: Taxes withheld from your paycheck.

  • Tax Deduction: A reduction in taxable income.

  • Tax Credit: A direct reduction in the amount of tax you owe.

Helpful Resources

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