Welcome back, YouGude Fans! and Today we will live streaming with my Grandpa and answering your Financial Questions, More specifically about Taxes, Taxes, and More Taxes!
As for the two most important things about taxes you should know... I would have to say that, You will eventually have to pay taxes in some way or form, try not to hate taxes whether you realize it or not they actually help you quite a bit, even in the least expected ways. As for the second tip, I would say know the difference between the different types of taxes and where to pay them.
Now our first question comes from Kittenlover46 and they ask: " I know taxes are on almost everything in some shape of form, But are there different types of taxes, and if so what are they, and how do we tell them apart?"
Well for starters, There's the general term Taxes which would be basically a fee paid towards the government so it can do it's job, So if you have any form of government you will almost certainly have some form of tax on something.
Payroll Tax was made to collect from earned income in order to pay for Medicare and Social Security benefits (Employers get to pay their employees Payroll tax amount, plus their own). Property Tax is put on things you might own that occupy space like for example; Cars, Houses, or land you own. Mean while a Sales Tax is a tax put on purchasable Goods and or services. On the other hand Excise Tax isn't collected by the government, instead it is collected by those who sell their product or service to someone else who sells it to the consumer.
And there five main categories for Taxes, Those being; Income, Payroll, Excise, Sales and Property Tax.Now, Income Tax is made up of two sub categories; State, and Federal. Both are deducted from any earned income (Like a shift at a job or a lottery win) only difference between Federal and state is that one is collected towards the state and the other is collected for the federal government.
Well long story short a community would be a the unity of people over a common interest or concern. As for how do taxes benefit us, They are actually really helpful, They help us pay for school, Roads, Education, Public Transportation (Like school buses), usually things that would be incredibly difficult for us to pay for by ourselves.
Alright, Next question comes from: RandoUserKal789 and they ask "What is a community, How do taxes benefit us, and lastly What are the Two most important things you think we should know about Taxes?
Hope that answered most of your questions Well that going to be it for today's live-stream, See you next Time! and Good Luck with your finances!