Pp.137-156.  Child support  The ability to pay.

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Presentation transcript:

pp

 Child support

 The ability to pay

 Regressive

 Excise taxes

 Regressive

 Congress  National defense  Highways  Wildlife refuges  Welfare  Foreign aid

 Proportional Taxes

 Progressive tax

 It must pass a vote in both the House and Senate and then be signed by the President.

 revenue

 Collect Income taxes  Enforce tax laws

 Congress

 Earned income

 Ranges of income

 Deficit/shortage

 Flat taxes

 Regressive taxes

 Voluntary Compliance

 Internal Revenue Service

 Businesses  Individuals

 Regressive

 dependent

 Evasion

 Proportional/flat

 Fine  Imprisonment  both

 Progressive taxes

 Audit

 1040A

 Tax rates increase as taxable income increases

 alimony

 Office

 Adjusted gross income

 Correspondence

 Field

 Filing status

 Single  Married filing a joint return  Married filing a separate return  Head of Household  Qualifying widow

 Each employer you had for the year

 Exemption

 spouse

 Salaries  Wages  Tips  Taxes withheld

 1040EZ  1040A

 Wages  Salary  Tips

 Interest  Dividends  Alimony  Unemployment  Workers compensations  Scholarships  Grants

 Non-taxable income ◦ Child support ◦ Gifts ◦ Inheritances ◦ Life Insurance benefits ◦ Veterans benefits

 Gross Income

 Tax deduction is subtracted from adjusted gross income  Tax credit is subtracted from what you owe

 Unearned income

 Itemized deductions

 Standard deduction

 Taxable income

 Tax credit

 April 15

 6 years

 Education  Parks  Roads  Police, fire, health departments