Attention: Money 101 will no longer be available after May 31, 2021. After that time the Enrich financial literacy tool will be available at moving forward.

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Income - Head Matters


2. Taxes and Benefits

When you look at your paycheck, the total amount you earned isn’t the same as what you take home.  Some of what you earned goes toward taxes.  A tax is a government fee on business and individual income, activities or products.  Taxes provide money for the government to operate and provide services to you and others.  It’s convenient for some individuals in financial ill health to attribute their financial condition to the government and taxes.  “If I didn’t have to pay taxes, I’d be better off,” is the irrational belief you might hear.  And, none of us likes to pay taxes with our “hard-earned” money.  Taxes certainly do lower the disposable income we have left for our own wants and needs.  But, we also need and want what our taxes pay for – education, police and fire protection, roads, parks and other kinds of services. 
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