TAXES Income Sales Property. DO NOW: PICK ONE OPTION 1 When I begin working full- time, will I get to keep all the money I make? Explain why or why not?

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Presentation transcript:

TAXES Income Sales Property

DO NOW: PICK ONE OPTION 1 When I begin working full- time, will I get to keep all the money I make? Explain why or why not? OPTION 2 1.Define taxes? 2.How do I pay taxes? 3.Where does my tax money go?

What are taxes? Taxes are funds or money that local, state, and federal governments collect to pay their bills. What are their bills?

Who pays taxes? E V E R Y O N E Working – income tax (State/Federal) – Automatically taken out of your paycheck – Pay additional taxes (or refund) April 15 Buying things – sales tax (State) – Automatically added on to anything you buy Living in a home – property (Local) – Property taxes paid to the town or city

Where does my tax money go? Local – Schools, police, fire fighters, garbage collection, parks, roads, street lights, snow removal State – Same as local, plus colleges, libraries, health and human services Federal – National debt, national defense, social programs, law enforcement REMEMBER NOTHING IN LIFE IS FREE!

REAL OR FAKE TAXES? REALFAKE

2014 Superbowl video clip NJ taxes could gobble up Pey#71

EXIT CARD: CHOOSE ONE or BOTH OPTION 1 What did you learn today that blew your mind and you cannot wait to tell someone? OPTION 2 What do you want to know more about from today’s lesson?