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Tax
FinanceSource: Civic and personal-finance fundamentals
Money collected by government to help pay for public services.
Example
A part-time payslip shows $100 earned and $8 tax taken off. The $8 helps fund shared services like roads, schools, and hospitals.
How it fits in
Real tax rules depend on country, age, income, and many other details. In the Wealth simulator, Taxes is a fixed deduction amount for each salary band. It is there for learning, not to copy any real tax system.
Where this is taught
Practise it on the platform
Related terms
Compound Interest
When the money you earn from saving starts earning its own money on top.
Simple Interest
Interest paid only on the original amount, never on the interest you have already earned.
Needs vs Wants
Needs are the things that keep you safe and well. Wants make life nicer. Mixing them up is what empties most budgets.