Lesson 5.3 Sales and Hidden Taxes February 28, 2011Copyright © 2007-2011 … REMTECH, inc … All Rights Reserved1 Introduction Most people know how much they.

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Lesson 5.3 Sales and Hidden Taxes February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved1 Introduction Most people know how much they paid in income taxes last year, but they don’t have any idea how much they paid in sales and hidden taxes Sales taxes are an integral part of buying goods and services and most people simply take them for granted. More people pay sales taxes than pay income taxes, but the amount we pay in sales taxes is significantly less than we pay in income taxes each year Both sales and hidden taxes affect on our lives because they reduce the amount of money we have to spend

Lesson 5.3 Sales and Hidden Taxes February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved2 Objectives Explain how taxes affect the amount of money we spend You should be able to do the following after completing this lesson. Identify who can levy sales taxes List the states that do not collect sales taxes Review how sales taxes are calculated Describe why we don’t know how much we spend on sales taxes Define what sales taxes are and how they are collected Define hidden taxes and explain what is unique about them Define total tax burden Explain who can levy and collect hidden taxes

Lesson 5.3 Sales and Hidden Taxes February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Sales Taxes Why sales taxes are considered to be broad-based taxes In this section, you will learn: How sales taxes are collected Sales Tax Example What happens to sales taxes after they are collected How to calculate sales taxes and how they affect the purchases we routinely make You will run the following Interactive Example What sales taxes are and when you will pay them

Lesson 5.3 Sales and Hidden Taxes February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Levying Sales Taxes Who can levy sales taxes In this section, you will learn: What the 2 nd largest source of revenue for states is Which states do not levy and collect sales taxes Why a state may not levy sales taxes, but you still have to pay them How the total sales tax rate is determined

Lesson 5.3 Sales and Hidden Taxes February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Paying Sales Taxes Why it is hard to keep track of how much you pay in sales taxes In this section, you will learn: A convenient way to estimate how much you pay in sales taxes In how many budget categories you actually pay sales taxes How much the average persons pays in sales taxes each year What percentage of your income will be used on sales taxes Total Sales Tax Exercise You will run the following Interactive Exercise

Lesson 5.3 Sales and Hidden Taxes February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Paying Hidden Taxes Why it is hard to keep track of hidden taxes In this section, you will learn: What hidden taxes are imposed on Who can levy hidden taxes Why hidden taxes are narrower in scope than income or sales taxes Gasoline Taxes Example You will run the following Interactive Example What hidden taxes are How much the average person paid in hidden taxes last year When you are paying hidden taxes

Lesson 5.3 Sales and Hidden Taxes February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Total Tax Burden What Total Tax Burden is and what it represents In this section, you will learn: Total Tax Burden Exercise You will run the following Interactive Exercise The four major categories of taxes you will pay What Tax Freedom Day represents How much your Total Tax Burden will be for one year

Lesson 5.3 Sales and Hidden Taxes February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved8 Discussion Questions Many people would like to see sales taxes replace income taxes as the major revenue source for the federal and state governments. Is this a good idea and would you support it? Should people have to pay sales taxes when they buy items that are considered to be basic necessities such as groceries?