TAXES Chapter 5. Used For n Sanitation n Prisons n Public Org. - Library, Fire, School n National Defense n Street/Park n Social programs - FICA (Federal.

Slides:

Advertisements

Similar presentations

Types of Taxes.

Advertisements

Taxes. Principles of Taxation – all tax payers are treated equal – not all pay the same amount! 1) Ability to pay Principle – if you make more you pay.

2.04 Acquire knowledge of the impact of government on business activities to make informed economic decisions.

Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.

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.

 omic-lowdown-video-companion-series/episode-5- externalities/

Taxes and Taxation “In this world, nothing is certain but death and taxes.” Ben Franklin.

 Taxes are expenses that you pay everyday that are used by the local, state and federal government to provide important services such as: police and.

Government Sources of Revenue TAXES. Two Purposes of Taxation Raise money for government services Restrict and control the market [Administrative law]

Hey, did you hear the one about………… What are the 2 things in life you can always count on ??? Death ……. …….aaaand…….

Taxes & Inflation

The “ability to ___ principle” is an accepted principle of tax fairness. Pay.

TAXES: The main source of government revenue The Economics of Taxation  In addition to creating revenue for the government, taxes also impact the economy.

Pp  Child support  The ability to pay.

Taxes and Government Spending

Chapter 5 Taxes. Why do we pay taxes?? Taxes and Your Paycheck Payroll Taxes Based on earnings Paid to government by you and employer Income Taxes You.

Taxes. What are Taxes? Taxes are payments people are required to pay to local, state and national governments. Taxes are used to pay for services provided.

Sources of Government Revenue: How the government collects money.

The “How” of Taxes Aim: How do we pay our taxes?.

Taxes & Inflation

© 2010 South-Western, Cengage Learning SLIDE 1 Chapter 7 Do Now9/26/13 & 9/27/13 Work with your neighbor and create a list of ways people accumulate earned.

Chapter 7 Federal Taxes What is this picture depicting?

.. 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,

Understanding Income and Taxes

TAXES: The main source of government revenue …nothing is certain, but death and taxes. B. Franklin …nothing is certain, but death and taxes. B. Franklin.

Sources of Gov’t Revenue--TAXES Chapter 9. Criteria for Effective Taxes 1. Equity 1. Equity –Must be fair –Want to avoid tax loopholes —when people find.

Taxes & Government Spending Chapter 14 Section 2 Federal Taxes.

Sources of Gov’t Revenue--TAXES

Sources of Government Revenue. Economic Impact of Taxes Resource Allocation Factors of production are affected Raise in production costs Higher prices.

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.

Taxes As Incentives Unit Objectives: Recognize that governments impose taxes in order to collect revenues Identify reasons why people dislike paying taxes.

Taxes There are three general types of taxes in the U.S. List them and identify which tax hurts low income taxpayers and which tax hurts high income taxpayers.

Chapter 6 Understanding Taxes Philosophies of Taxation –Benefits received Citizens who receive benefits of expenditure should help pay the cost Example:

definitions  Tax Charge levied by the gov. to meet public needs  Levy To impose  Revenue How much money you bring in  Expenditure How much money you.

Taxes. 5.1 – Taxes and Your Paycheck Payroll taxes Based on earnings Paid to government by you and employer Income taxes You pay on income you receive.

(There are only 2 certainties in life: Death and taxes!)

Federal Govt. Collects Different Taxes Chap. 15. Two Principles of Taxation Benefit Principle – Those who benefit from a service, pay the tax. –Ex. Bridge.

Bellwork 12/14/15  Define the last few words on your vocabulary sheet.  They can be found in Ch.9 Taxes  You have 10 minutes….

Chapter 5 Taxes.  Payroll Taxes ◦ Largest part of government revenue ◦ Based on employee total earnings ◦ Paid by you and your employer ◦ Include income.

Taxes and Government Spending Chapter 14. What are taxes? »A required payment to a local, state, or federal government »Becomes government revenue.

Chapter 14 Taxes and Government Spending. Section 1: What are Taxes? Tax: required payment to a local, state, or national government What is tax money.

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 –

We Need Taxes For….. National Defense Police and fire protection Health services Public Education Water, gas and electric systems Environmental protection…

Taxes Gov’tForms Deductions.

Sources of Government Revenue. Payroll Deductions Taxes – government fees on business and individual income, activities, products or property. Medical.

CHAPTER 5 TAXES How Much of Your Income Will You Keep?

Chapter 7 Federal Income Tax. Federal Income Taxes 1.Used to pay for government services from national defense to highways and parks 2.Are paid by all.

 Money paid by  people and businesses  Money paid to  local, state and federal government  Everyone! Has to pay taxes.

Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.

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?

Taxes & Government Spending Chapter 14 Section 2 Federal Taxes.

© 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.

CHAPTER 22 TAXES AND GOV’T SPENDING. Federal Gov’t We authorize the federal government, through the Constitution and our elected representatives in Congress,

Taxes. Taxes and Your Paycheck Payroll taxes Payroll taxes Based on earnings Based on earnings Paid to government by you and employer Paid to government.

2.04 Acquire knowledge of the impact of government on business activities to make informed economic decisions MM 2.00 Understand Financial Analysis.

Taxes. What are Taxes? Taxes are payments that people are required to pay to a local, state, or national government.

Chapter 7 Federal Income Tax. Our Tax System Types of Taxes Progressive taxes Regressive taxes Proportional taxes Components of the Tax System The IRS.

Chapter 14 Taxes. Definition of taxes A Tax is a required payment to a local, state, or national government Income received from taxes by a government.

Theme 7: Taxing.

Economics Unit Taxes.

TAXES, taxes, taxes Understanding taxes.

Taxes As Incentives Unit Objectives:

Taxation in the USA.

Hey, did you hear the one about…………

Taxes and Government.

MM 2.00 Understand Financial Analysis

ECONOMICS Chapter 16.4: Taxation Learning Target: Understand the principles and forms of taxation in the U.S. Success Criteria You should be able.

Taxes And Spending “In this world, nothing is certain but death and taxes” -Benjamin Franklin.

Presentation transcript:

TAXES Chapter 5

Used For n Sanitation n Prisons n Public Org. - Library, Fire, School n National Defense n Street/Park n Social programs - FICA (Federal Insurance Contributions Act) is the law that requires you to contribute to social security and Medicare.

Voluntary compliance n You are responsible for filing, keeping records, file on time and pay n Failure to do so = penalties n Pay-as-you-go method - must pay as receive income. Too hard to pay all at once

Direct/Indirect Tax n Direct – Income/Property/Sales – know how much your paying n Indirect (Excise) – Hidden in the price – alcohol, cigarettes, gasoline, utilities WHY?

Types of Tax n Progressive - based on your ability to pay - depends on how much you make (Income) n Regressive - Person with a higher income pays a lower % of income in taxes than a lower income person (Sales tax) n Proportional - flat tax - remains constant (property - community pays same)

TAXES n Income – Gov’t leading source of revenue – IRS collects – Pay-as-you-go n Sales – Proportional with a regressive effect. (constant but higher income pays a lower %) n Property – Main source of revenue for local government. n SS – Pensions/disability/medicare (65) n Estate Tax – Pass on (inherit) pay taxes on n Gift Tax – Over $10,000 is taxed

TERMS YOU SHOULD KNOW n IRS n Tax Evasion n Allowances n Dependent – relies for support n Standard Deduction – An fixed amount based on filing status and age n W2 Form (Jan. 31) n 1099 INT (unearned income) n Tariff n Tax liability – what you owe on income received