Ch. 9.2 Notes : Federal Taxes

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Presentation transcript:

Ch. 9.2 Notes : Federal Taxes

Federal Taxes = In order to spend money, the gov raises money by charging various taxes (2013 = $2,780,000,000,000)

II. The Feds get tax money from the following sources: A. Federal Individual Income Tax : 1. taken out of paycheck 2. Used for general government spending 3. Max of 40% if you make >$406,000

Paycheck Example 1

Paycheck Example 2

B. FICA Tax >>>> help old people paycheck tax. 2 Parts….. 1. Social Security >> used to help pay for your retirement a. avg $1200 mo. @ 67 yrs old 2. Medicare >> used to help pay for senior healthcare

C. Corporation Income Tax > companies are taxed on their profits D. Other Taxes a. Stock Profits > 15% b. Gift Tax > giving cash or property while you’re alive ( over 13k year is taxable max of 35%) c. Estate Tax > giving cash or property when you’re dead d. Custom Duties tax > tax on imports e. Excise tax > a set tax built into the price of a product..... Ex. Sin Taxes f. User taxes > ex. National Parks fees

http://www.usgovernmentrevenue.com/fed_revenue_2013US

S13 …. http://www.usgovernmentrevenue.com/federal_revenue http://www.taxhistory.org/www/website.nsf/Web/PresidentialTaxReturns?OpenDocument= Obama Tax Return http://www.heritage.org/Research/features/budgetchartbook/Federal-Spending.html >> excellent graphs GOV TAX RECEIPTS http://www.whitehouse.gov/omb/budget/fy2009/summarytables.html http://www.getirshelp.com/irsblog/2870/top-20-celebrity-tax-debtors-part-2/ http://en.wikipedia.org/wiki/United_States_federal_budget >>>> 2009 budget, good site