<prompt> Human: My school deems graphing polynomials necessary, but not basic knowledge about finance.Please tell me what I need to know. I dont even know what I dont know.  <response>: Here are the absolute basics:When you start working, a portion of your income will go the government. The majority of income taxes go to the federal government, but your state may also have its own income taxes.The percent you pay in taxes depends on how much you make each year. You can find the current federal income tax brackets here If you live in a state with its own income tax, youll have to look up the rates on their website. Additionally, you will have to pay about 7.6 in payroll taxes which go towards Medicare and Social Security.For the most part, the US uses a pay as you go system. In other words, your employer will estimate the amount of taxes you should be paying and automatically take it out of your paychecks. At the end of the year, theyll send you a tax form W-2 which lists your total income and taxes withheld for the year.Then you file a tax return. Tax returns are due by April 15th and are basically just a way of calculating the actual amount of taxes you should have paid for the year. Note: This is where things can get a bit complicated. Depending on your situation, you may or may not need help from a tax professional.When all is said and done... if you overpaid your taxes throughout the year, youll get money back as a refund. If you underpaid, youll have to pay the difference to the IRS. 