WOW VIII Personal Finance Taxes. Why do we have to pay Taxes?? To pay for Government Services such as: Roads, National Defense, Schools, Law Enforcement,

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Presentation transcript:

WOW VIII Personal Finance Taxes

Why do we have to pay Taxes?? To pay for Government Services such as: Roads, National Defense, Schools, Law Enforcement, Fire Protection, …

Types of Taxes Federal: Payroll, Social Security State: Payroll, Sales (not OR), Property, Estate, Fuel, Business, DMV. Local: Property, Fees, Parking.

Tax Collectors Federal: Internal Revenue Service State: Oregon Department of Revenue. Local: Cities, Counties, Businesses, DMV.

Social Security Created by F.D.R. in 1935 Intended to help retirees and their spouses Currently 6.2% of Gross Income

Income Tax Federal and State are paid on a sliding scale based upon Gross annual income.

Sales Tax Outside of Oregon, a flat percentage added to total of retail sales, collected by the retailer and ‘passed through’ to the state. CA is 7.5%, WA is 6.5%

Property Tax Collected from Property Owners by various governments which have jurisdiction over the region. Typically pays for local government activity, including education.

Dependent A person whose financial responsibility is held by the taxpayer. Typically a child or a disabled or elderly relative. Taxpayer receives a deduction on their taxes for dependents.