Where Did Half My Paycheck Go? A Family's Guide to Tax Talk
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Where Did Half My Paycheck Go? A Family's Guide to Tax Talk
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Taxes are portions of our income and purchases that fund essential public services and infrastructure in our communities. We break down the concept of taxes for families and kids, explaining how they work at local, state, and federal levels to support resources we use daily.
- Different types of taxes include sales tax on purchases and income tax on earnings
- Taxes fund community resources like parks, libraries, schools, and first responders
- Children often experience "paycheck shock" when first seeing taxes deducted
- Parents can simulate taxes with allowances to prepare children for future earnings
- VITA centers (Volunteer Income Tax Assistance) provide free or low-cost tax help
This week's family challenge: Discuss things in your community that you enjoy that are paid for by taxes, such as public beaches, parks, or libraries.
Federally Insured by NCUA.
For more information and resources, visit PremierAmerica.com/youth
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