Monday December 8, 2014 Mr. Goblirsch – Economics OBJECTIVE – Students Will Be Able To – SWBAT: - Identify different types of Federal, State, and Local.

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Monday December 8, 2014 Mr. Goblirsch – Economics OBJECTIVE – Students Will Be Able To – SWBAT: - Identify different types of Federal, State, and Local taxes. AGENDA: 1)WARM-UP: Federal, State, & Local Revenue 2)CHART: Types of Taxes 3)VIDEO: Calculating Federal Income Taxes (7 min) 4)Finish GUIDED PRACTICE: Filing a Tax Return ***Earn up to 10 Points Extra Credit for Econ Final Study Guide*** Federal, State, & Local $ WARM-UP: (Follow the directions below) ***3 minutes***  Analyze the Revenue pie charts on P. 365, 376, & 379.  What is the main source of revenue for the Federal government? (P. 365)  Other than Intergovernmental revenue, what is the main source of revenue for States? (P. 376)  Other than Intergovernmental revenue, what is the main source of revenue for Local governments? (P. 379)

TYPES OF TAXES TYPE OF FEDERAL TAX (P. 367 – 369)DESCRIPTION Income Corporate Income Social Security Medicare Unemployment Excise Estate Gift Import Sin TYPE OF STATE TAX (P. 378)DESCRIPTION Sales State Income Corporate Income Other State Taxes: 1) 2) 3) 4) 5) TYPE OF LOCAL TAX (P. 380)DESCRIPTION Property Other Local Taxes: 1) Payroll Tax

Chapter 14SectionMain Menu U.S. FEDERAL INCOME TAX RATES Tax Rate Single Taxable Income Married Filing Jointly Married Filing Separately Taxable Income Head of Household Taxable Income 10%$0 – $8,925$0 – $17,850$0 – $8,925$0 – $12,750 15%$8,926 – $36,250$17,851 – $72,500$8,926 – $36,250$12,751 – $48,600 25%$36,251 – $87,850$72,501 – $146,400$36,251 – $73,200$48,601 – $125,450 28%$87,851 – $183,250$146,401 – $223,050$73,201 – $111,525$125,451 – $203,150 33%$183,251 – $398,350$223,051 – $398,350$111,526 – $199,175$203,151 – $398,350 35%$398,351 – $400,000$398,351 – $450,000$199,176 – $225,000$398,351 – $425, %$400,001+$450,001+$225,001+$425,001+ WATCH: Calculating Federal Taxes Video (YouTube – Khan Academy)

Chapter 14SectionMain Menu HOURS AND EARNINGS HoursEarnings TAXES AND DEDUCTIONS DescriptionAmount FICA Federal State City Total Taxes TOTAL Taxable Wages Less Taxes Net Pay Exemptions are set amounts that you subtract from your gross income for yourself, your spouse, and any dependents. Deductions are variable amounts that you can subtract from your gross income. CONCEPT: Filing a Tax Return A tax return is a form on which you declare your income to the government and determine your taxable income. Taxable income is a person’s total (or gross) income minus exemptions and deductions.