Taxes and Insurance

Cell phone with loud speaker phone function for Wednesday. Needed: Cell phone with loud speaker phone function for Wednesday.

Types of Taxes Proportional tax - everyone pays same percentage of income (Medicare, 1.45%). Progressive tax - higher percentage of total income paid by people with higher incomes (income tax). Regressive tax - higher percentage of total income paid by people with lower incomes (sales tax).

Taxes Quiz

What type of tax is represented by the chart below? A) Progressive B) Proportional C) Regressive D) Excise

Ken makes $50,000 per year and Kirby makes $30,000 per year Ken makes $50,000 per year and Kirby makes $30,000 per year. Ken pays a higher average tax rate on his income than Kirby. This infers that taxes on income are A. regressive. B. proportional. C. progressive. D. marginal.

Imagine that our government suddenly charges a new $1,000 tax on every citizen. What type of tax would this be? A) Progressive B) Proportional C) Regressive D) Excise

Which of the following is the best example of a regressive tax? A) Medicare B) sales tax C) income tax D) property tax

Which of the following is the best example of a proportional tax? A) Medicare B) sales tax C) income tax D) property tax

Which of the following is the best example of a progressive tax? A) Medicare B) sales tax C) income tax D) gas tax

Rich guy pays 10% of his income, and poor guy pays 20% of his income Rich guy pays 10% of his income, and poor guy pays 20% of his income. What type of tax is this? A) Progressive B) Proportional C) Regressive

The BEST example of a progressive tax in the United States is A. the federal excise tax on gasoline B. the Social Security tax C. the federal personal income tax D. state sales taxes

Can I Afford It? Video Clip

Insurance Premium: regular payments for coverage. Deductible: portion of claim not covered Types: Life Health**for medical bills** Disability**for loss of income from job** Property/Homeowner’s Car: Liability Comprehensive

Insurance Game

Rules Step 1: Decide what coverage to get. You have $5,500 available to spend on insurance premiums for the year. You do not have to spend all (or any) of that money on insurance. Use the probabilities and claim amounts to inform your decision. Answer numbers 2 and 3 on the score sheet after you’ve made your decisions.

Rules Let’s play the odds! A random number generator will be used to determine if you have an auto accident, health issue, job loss due to disability, etc. Say you have an auto accident if you’re covered, you must pay the deductible. The insurance company will take care of the rest. if you don’t have coverage, you must pay for damages (there will usually be a second roll for damages). Record answers on the score sheet as we go along.

1st Period Teacher Desk/ Work Area Chad Seth Danielle Zack Michael Baggott Kyle Kendall Matt Nicole Arron Hillary Michael Brannen Shannon Lacey Haley Virginia Brandon Teacher Desk/ Work Area Erin Morgan Taylor Dillon Alex

2nd Period Teacher Desk/ Work Area Tim Megan Justin Xavier Andrew Paige Cyndilee Chris Charlee Ryan Stacey Amanda Chelsea Brett Jessica Alison Courtney Kylie Teacher Desk/ Work Area Forrest Lacey Daniel Emily Jordan Avery Morgan Madison

4th Period Teacher Desk/ Work Area Dee Dee Moriah Maggie Jon Jade (Empty) Steven Courtney H. Kara Amber Bethany Drew Kevin Harley JD Courtney Nick Sonia David Melissa Teacher Desk/ Work Area Jordan E Kayla Jordan M Andre’ Mandie Lauren Daylan Catherine Phillip Justin Raven Ryne Kelsea

Insurance Clicker Quiz

1) What type of insurance should you get to cover medical expenses? A) Life B) Health C) Property D) Disability

2) What type of insurance should you get to cover your loss of income in case of injury or illness? A) Life B) Health C) Unemployment D) Disability

3) Your insurance provider paid $2,600 of your hospital bill, but you had to pay the other $300 of it. What is the word for the amount you paid? A) Premium B) Deductible C) Liability D) Subsidy

4) You pay $12 a month for property insurance on your record collection. What is the word for this payment? A) Premium B) Deductible C) Liability D) Subsidy

5) While delivering the mail, a postman gets struck in the arm by a passing car. An ambulance takes him to the hospital, and after x-rays and other tests are done, the doctor states that no bones were broken and no permanent damage was done. Which of the following types of insurance would be MOST beneficial for the postman as a result of this accident? A) Auto B) Disability C) Health D) Life

6) Carlton is injured while working at a retail store 6) Carlton is injured while working at a retail store. Which type of insurance is MOST LIKELY to provide benefits while he is temporarily out of work? A. life insurance B. disability insurance C. property insurance D. automobile insurance

7) Alicia owns a home in the suburbs 7) Alicia owns a home in the suburbs. If a neighbor wrecks an automobile in Alicia's yard and damages property, Alicia is protected from financial loss by A. the neighbor's automobile liability policy. B. the neighbor's property insurance policy. C. Alicia's disability insurance policy. D. Alicia's automobile liability policy.