TAXES AND YOU The American Taxation System. “The Art of Taxation is to Pluck the Goose Without Making it Squawk” - Colbert 1778.

Slides:



Advertisements
Similar presentations
Types of Taxes.
Advertisements

Jeopardy Tax TypesPayroll TaxDifferences Key Terms Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Double Jeopardy Pay Stub.
Micro Chapter 29 Presentation 2- Taxation. Question When you live on your own, what expenses would you have to pay?
CivicsCivics Daily Lessons. While you were gone Civics - Make-up Assignments Jan. 16 While you were gone Civics - Make-up Assignments Mr. Cook/Mrs. Colvin.
Running Case - Dirt Bikes U.S.A. Back to Dirt Bikes U.S.A Back to Dirt Bikes U.S.A Previous.
Copyright©2004 South-Western 12 The Design of the Tax System.
Module 10 The Role of Government The Canadian Welfare Society and Taxation.
TAXES CHANGE BEHAVIOR. 1.PAY FOR THE COST OF GOVERNING WHAT ARE THE FUNCTIONS OF TAXATION?
Copyright©2004 South-Western 12 The Design of the Tax System.
Take Charge.  Ability To Pay – a concept of tax fairness that people with different amounts of wealth or different amounts of income should pay taxes.
Taxation RB MK, Unit 22. MK, p. 112/ Vocabulary 1. a gain = an increase in amount 2. to levy a tax = to collect a tax on something 3. haven = Harbour.
Taxes and Taxation “In this world, nothing is certain but death and taxes.” Ben Franklin.
Government Sources of Revenue TAXES. Two Purposes of Taxation Raise money for government services Restrict and control the market [Administrative law]
Entrepreneurship II 1.05 Describe the Nature of Taxes
Taxes & Government Spending Chapter 14 Section 1 What are Taxes?
KECSS Ms. Murren Economics1/9/12 Outcome: SWBAT compare the different types of taxes.
HOLT, RINEHART AND WINSTON1 CIVICS IN PRACTICE HOLT Chapter 12 Paying for Government Section 1:Raising Money Raising MoneyRaising Money Section 2:Types.
HOLT, RINEHART AND WINSTON1 CIVICS IN PRACTICE HOLT Chapter 12 Paying for Government Section 1:Raising Money Raising MoneyRaising Money Section 2:Types.
Finance in Education Chapter 5. The Taxation System A good tax system should include the following features: – There should be coordination among al levels.
Banking Bank a financial business… thus, its 1 st goal is to make profit makes profit by creating loans and charging interest uses depositors’ money.
Inflation and taxes SSEPF3: The student will explain how changes in monetary and fiscal policy can have an impact on an individual’s spending and saving.
.. Tax Collection Unit 5 Macroeconomics “An ARTFUL taxman so plucks the goose as to obtain the most feathers for the least hissing.” Jean-Baptiste Colbert,
Describe the nature of taxes. What are taxes Legally mandated payment to the government that is not made in exchange for a good or service Examples: income.
Taxes Example Federal Income Tax-Ex. 25% (10%--37%) State Income Tax—10% State Sales Tax—8% Social Security Tax—7% Property Tax—1.5% Excise Tax—(cigarette,
DISTRIBUTION OF INCOME. GOVERNMENT CAN REDISTRIBUTE INCOME IN 3 BASIC WAYS:  TAXATION  TRANSFER PAYMENTS  GOODS AND SERVICES IN KIND.
Rano. Z.ZAkhriddinova Taxation. Types of taxation:  regressive tax  progressive tax  proportional tax.
Tax Options for Alaska: Distributional Implications of Major Alternatives October 5, 2002 Matt Gardner Institute on Taxation and Economic Policy 1311 L.
Government Revenue Economics 120. There is a saying that only two things in life are certain: death and taxes.
Taxation “In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin.
Taxes What is a tax?- A tax is a required payment to a local, state, or national government Why does a government require taxes? Taxes are the primary.
TAXES CHANGE BEHAVIOR. 1.PAY FOR THE COST OF GOVERNING WHAT ARE THE FUNCTIONS OF TAXATION?
Important Tax Forms W-2 form: reports employee’s annual wages and total amount of taxes withheld from his or her paycheck W-4 form: Determines how much.
Bell Work In your notebooks, Write down some things that taxes pay for. In your notebooks, Write down some things that taxes pay for.
Taxation “In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin.
1 Taxation. 2 Decide fairest taxation method: a. same percent for all b. greater percent for the individuals with high incomes c. greater percent for.
Government Debt vs. Deficit
 Taxes. Major items where are taxes are used Local TaxSchools, Public Works, Parks, Police, Fire, Local Roads State TaxHealthcare, State Highways, Education.
Taxes. Tax - A required payment to a local, state, or national government. Used to pay for the costs of running the government, and the programs, projects,
Mandatory SpendingDiscretionary Spending spending Congress doesn’t have to approve annually because it is tied to some mandatory program money that.
1. How much money do you want to be earning (per year) when you are 30? 2. What percentage of your income do you think you have to pay to the government.
Economics 9-1 The Economics of Taxation Pages
Chapter 14SectionMain Menu Taxes. Chapter 14SectionMain Menu Clear Target I will be able to describe progressive, proportional, and regressive taxation.
CH. 9 Sources of Government Revenue. The Economics of Taxation An enormous amount of money is required to run federal, state, and local governments –
Do Now “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except.
Key Terms  tax: a required payment to a local, state, or national government.  revenue: the income received by a government from taxes and other nontax.
TAXES AND OTHER REVENUE. Taxation and its purposes ■ A tax is a charge levied by the government on persons or property to raise money to meet public needs.
Taxes Gov’tForms Deductions.
Taxes. I.Principles of Taxation a.Economists use certain principles & criteria to evaluate whether or not taxes should be paid and who should pay them.
What Are Taxes? (14) Topic: Taxes Vocabulary work Next Time: Ch vocab quiz Next Test over 14, 15, 16 (Multiple Choice) Not open book…Sayyyy whaaatttt?
Government Expenses -Government Services Schools, fire, social security, etc. -Government Employees -Revenue Sources 60% to 80% come from taxes How the.
© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.3 Taxes and Government Objective: By the end of class, students will.
Career Development 11 Module 3.  If you earn $1500 a month after taxes, then your net income in one year is…  12 x 1,500 = $18,000  Calculate 20%
Texas Revenues IV April 26, The term tax incidence focuses our attention on the individuals and groups that actually bear the burden of a tax. Tax.
Twenty Questions Economics & Personal Finance UNIT TEST REVIEW: INCOME & TAXES.
Taxes & Government Spending Chapter 14 Section 1 What are Taxes?
LECTURE IX: Stylized Facts of Taxation
Fiscal and Monetary Policy
Government Expenses -Government Services -Government Employees
Chapter 7 Taxes.
TAXES, taxes, taxes Understanding taxes.
How Taxes Work Unit 14.1.
Chapter 12 Essential Question: Who and what should be taxed?
Chapter 12 Essential Question: Who and what should be taxed?
INCOME STATEMENT 1. Net Sales 2. Net Purchases
Primary goal of the government:
Taxation in the USA.
Principles of Taxation
Ch 2.1 Vocab.
ECONOMICS Chapter 16.4: Taxation Learning Target: Understand the principles and forms of taxation in the U.S. Success Criteria You should be able.
Principles of Taxation
Presentation transcript:

TAXES AND YOU The American Taxation System

“The Art of Taxation is to Pluck the Goose Without Making it Squawk” - Colbert 1778

Net and Gross Income Taxes – Required payments of money to governments that are used to provide public goods and services. Net – Take home pay Gross – Base Pay

Primary Tax Base Consumption Taxes Sales – Tax on any item sold. Excise Tax – Taxes on the sale of specific products or transactions.

Wealth Tax Property Most important source of income for local governments. Reappraised every 6 years. Updated every 3 years.

Progressive and Regressive Taxes Progressive – Taxes that take a larger % of income from higher-income groups than low-income groups. Regressive – Taxes that take a larger % of income from lower-income groups than higher income groups.