Horrible Thought for the Day Did you ever notice that when you put the two words “The" and "IRS" together it spells "THEIRS"?

Course Resources

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INCOME TAX ACCOUNTING Who must pay income taxes? What things are taxable? What is not taxable? What is the income tax rate? How are taxes paid? What are income taxes used for?

ONE GOOD REASON TO WISH YOU LIVED IN 1917 The top Federal tax bracket was 7% Today’s top is ??? Federal income tax was first introduced as an amendment to the U.S. Constitution Which amendment is this? In 1913 married couples’ incomes of $4,000 to $20,000 were taxed a flat 1% Today’s rate for this group is ???%

TAX TRIVIA 1913 Only 357,598 personal income tax returns were filed ,901,700 personal tax returns were submitted Over 74 million were submitted electronically

TAX TRIVIA 1913 According to the 1910 census, the U.S. population was 91,972,266 only.3% of the population made enough money to be taxed 2006 The current population is ??? 44% of today’s population pays taxes Overall average tax is 12.1% of adjusted gross income

TAX TRIVIA 1913 Only five households made more than $1 million Tax collected was $35 million In $420 million out of every 500 have income over $1 million Tax collections totaled $966,877,000,000 1,552,000 returns reported gambling income of $18,745,000

TAX TRIVIA 1913 Before income tax, the government relied on import taxes and “sin” taxes on alcohol and tobacco Only 10% of the government’s revenue came from the income tax ,208,000 refunds were issued 49% were electronic Total refunds were $229.1 billion Average refund was $2,264

Tax Trivia Gross Federal Debt –1940 $50,696 million –2006 $8,707,627 million

Tax Trivia The top 50% of income earners –Paid 96% of all Federal tax The top 1% of income earners Paid 30% of all Federal tax

Tax Trivia States with no state income tax: –Florida –Nevada –South Dakota –Texas –Wyoming –Washington D.C.

IRS Web sites Student Homepage IRS Warns of Scam about Tax RefundsIRS Warns of Scam about Tax Refunds Tax Information for Individuals Internal Revenue Service

WISCONSIN INCOME TAX First state to adopt a successful income tax Tax enacted in 1911, collecting $1.6 million Tax was distributed 70% to local towns, 20% to counties, 10% to state 2003 A.G.I--$109,876,610,000 Per return = $40,654

WISCONSIN INCOME TAX $3.726 billion in taxes collected which represents $10.8 million per day Income tax represents 50% of total state taxes 2.9 million tax returns filed in million refunds issued representing 3.5 million people of total population of 5. million 50% of tax returns were single filers 70% of returns were the long form Collection of income taxes are expected to rise approximately 6% this year

Tax Forms Most Public Libraries

WIS Tax Web sites Wisconsin Department of Revenue Home Individuals - Wisconsin Department of RevenueIndividuals - Wisconsin Department of Revenue