taxes. 3 t ypes – highlight on page 9 highlight every tax term on the page in your workbook take...
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P AGE 8 > D IVIDE YOUR PAPER INTO A 4 SQUARE Basics -Why -Limits -Tax structure -FICA, etc… -Collectors Federal Taxes -Individual -Corporate State Taxes and spendingLocal Taxes and limitsTRANSCRIPT
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TAXES
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3 TYPES – HIGHLIGHT ON PAGE 9Highlight every TAX term on the page in your workbook
Take notes on page 8 and then fill out the bottom of page 9
Fill out pages 7, 12Get a stamp on 7, 12
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PAGE 8 > DIVIDE YOUR PAPER INTO A 4 SQUAREBasics-Why
-Limits
-Tax structure
-FICA, etc…
-Collectors
Federal Taxes-Individual
-Corporate
State Taxes and spending Local Taxes and limits
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THE BASICSWhy can the Government collect
taxes?Article I Sec 8, clause 1 of the US ConstitutionFor the general welfare and common defense.
Why do we need to collect taxes?Communities need money
What happens if you don’t pay?fines and/or jailIf you file for Income Tax extension you are
still paying interest from April 15 on all you owe.
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LIMITATIONSNot fair for individual interests
Federal taxes must be the same in every state
NOT collected on exportsfrom religious and other groups (tax exempt)
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TAX STRUCTURESTaxes are collected on
IncomesPropertyGoods and Services
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WHAT IS FICA?Federal Insurance Contributions ActThis Tax funds social security and MedicareTax 7.65% of incomes up to
$76,200, (any earning above is amount are not taxed).
Must pay in for 10 years to receive benefits
A Regressive Tax
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WHO COLLECTS TAXES?IRS
Internal Revenue Service-part of the US Dept. of Treasury
Criticisms: Negative attitude/scare tactics, guilty until proven innocent, too many rules, information is hard to understand,
They give wrong information at times when you call them.
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FEDERAL TAXES – INDIVIDUAL V CORPORATEIndividual Income Tax-
Legalized by the 16th amendmentPay as you earnFiling due April 15th for the previous year
6 brackets for taxing by income:10%, 15%, 25%, 28%, 33%, 39.6%
Is a Progressive Tax
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CORPORATE INCOME TAXESCan /write off many expenses
15-39% of income for the corporation
A Progressive Tax
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OTHER FEDERAL TAXESUnemploymentExcise TaxesImport Taxes (tariffs) and customs duty
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STATE TAXES AND SPENDING Spending and Budget
Operating budget Budget for day-to-day spending.
Salaries and Supplies.Revenue (Taxes)-
Sales tax State income tax Corporate income tax Licensing fees (teacher, doctor)
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TAXESLimitations
No taxing federal property or institutions
No taxing exportsNo taxing non-profits or religious groups
How Spent?Education, public safety, highways, public welfare, art & recreation.
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LOCAL GOVERNMENT TAXES AND SPENDING
TaxesProperty Taxes
where local governments get the most money
City TaxRental Tax
SpendingEducation, police and firemen,
public health, elections, record keeping.
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3 TYPES – HIGHLIGHT ON PAGE 9Highlight every TAX term on the page
Answer questions 1-4 on page 9.
Proportional-percent paid is the same for all income levels Progressive: percent of taxes paid increases as income increases Regressive-percent of taxes paid decreases as income increases