Chapter 23 Taxes and Social SecuritySucceeding in the the World of Work 23.1 All About Taxes SECTION OPENER / CLOSER INSERT BOOK COVER ART Section 23.1.

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Presentation transcript:

Chapter 23 Taxes and Social SecuritySucceeding in the the World of Work 23.1 All About Taxes SECTION OPENER / CLOSER INSERT BOOK COVER ART Section 23.1 All About Taxes

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Understanding the tax system will help you understand where your money goes, and why. WHY IT’S IMPORTANT

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Understanding Taxes Taxes are payments that you make to the government to support the government and to pay for government services.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Understanding Taxes The three levels of government are: federal (the whole country), state (the 50 states), and local (counties, cities, and towns).

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Understanding Taxes The Internal Revenue Service (IRS) is the government agency that collects federal taxes and oversees the federal tax system.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Understanding Taxes Tax forms can be completed on the IRS Web site and then submitted to the IRS. Taxes paid to the IRS go into the U.S. Treasury.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Income Taxes You pay income tax on your income. Your income may come from your job, interest your bank pays you on your savings, or from profits you make from selling real estate.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Income Taxes Income is calculated as a percentage of the taxable income you earn. Taxable income is your income after you subtract certain permitted amounts.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Income Taxes Currently, the federal income tax ranges from 15 to 39.6 percent. The higher your income, the higher the rate of income tax you must pay.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Income Taxes To withhold is to deduct, as money from a paycheck. Your employer will withhold money from your paycheck to pay income tax due on your wages.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Income Taxes In most states, people also pay state income tax. Many cities also have income taxes.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Income Taxes If you are self-employed, you are responsible for withholding your own taxes.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Income Taxes The IRS requires self-employed people to pay income taxes quarterly (four times a year) based on the income they estimate they will make that year.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Social Security Taxes Workers pay Social Security taxes so that they can receive benefits when they retire. Social Security taxes are figured as a percentage of the money you earn.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Social Security Taxes Your paycheck stub shows the money withheld in a box labeled “FICA.” FICA stands for Federal Insurance Contribution Act, or “Social Security.”

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Sales Tax Sales tax is calculated as a percentage of the price of an item. Sales tax rates vary from state to state. Local sales taxes may also be added to the cost of items you purchase.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Property Taxes Property taxes are based on the value of property—generally land and buildings. Property taxes are the main source of money for local governments.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Where Do Your Tax Dollars Go? Some places where taxes go are: EducationTransportationSafetyHealth Military Services Postal Services

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes It’s Your Responsibility We all have to split the bill for the services the government provides. Since we all share the benefits, we should all contribute our fair share of taxes.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes It’s Your Responsibility Some people disagree on what’s fair. Some people think that high-income people should pay a larger share of their income than low- or middle-income people.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes It’s Your Responsibility You can influence how federal, state, and local governments spend tax money. You can also influence tax laws. How? By voting.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Understanding Federal Income Tax Returns Understanding Federal Income Tax Returns An income tax return is a form that shows how much income a person received from working and other sources and how much tax that person must pay.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Understanding Federal Income Tax Returns Understanding Federal Income Tax Returns If your employer withheld more money from your paychecks than you owe, you’ll get a tax refund. If your employer didn’t withhold enough, you will have to pay the difference.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Your employer calculates how much money to withhold using the information you provide on a Form W-4. Form W-4

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Form W-4 To complete Form W-4: Fill in your name, address, and Social Security number. Indicate whether you are married or single. continued

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes Form W-4 Write the number of allowances, or deductions, you are allowed to claim. The higher the number, the less tax withheld. Indicate whether you are exempt— excused—from having to pay tax. Sign and date the form.

Chapter 23 Taxes and Social SecuritySucceeding in the World of Work 23.1 All About Taxes How Do You File a Return? Generally, if you’re single and earn at least $6,400 in a calendar year, you must file an income tax return.

Chapter 23 Taxes and Social SecuritySucceeding in the the World of Work 23.1 All About Taxes SECTION OPENER / CLOSER INSERT BOOK COVER ART End of Section 23.1 All About Taxes