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Tax Base and Tax Rate

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by

Grace Ackerman

on 20 May 2016

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Transcript of Tax Base and Tax Rate

Tax Base and Tax Rate
Section 12.3
By- Gabi Sleeman
Grace Ackerman
Molllie Halberg
Important Dates
April 15 - Everyone has to turn in their taxes by this date!
113 Days - Tax Freedom Day.
most citizens make enough income to pay off all their taxes for the year
Fun Fact: 1/3 of all income goes to taxes.
All taxes consist of two elements:
the
tax base
and the
tax rate
TAx BAse

Tax Rate
The good/Thing which is taxed.
Ex- personal income, goods, property
the percentage of one´s income, or value of a good, service, or asset that is paid in tax
Taxes originate from their tax base
income tax is from personal income.

Examples - Personal income or property
if the tax rate is
20%
and the then the taxed individual will have to pay an amount
equal
to 20% of their income
Comprehension

What is the meaning behind TAX freedom day?
Comprehension-
IF someone pays a Property tax, what is their tax base?
Full transcript