Tax Structures, Entitlements, and Tipping More things you should know.

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Tax Structures, Entitlements, and Tipping More things you should know

Types of Taxes Proportional taxes: People pay the same regardless of how much they earn Progressive: Those who earn more pay a higher rate sample Regressive: Those who earn less pay a larger percentage of their income sample Sources: How taxes affect us at IRS.govIRS.gov Tax structures explained at Economator.comEconomator.com

Entitlement Programs What are Federal Entitlements? See pbs.org Examples: Welfare and Medicaid Medicare Food stamps Veterans’ benefits Pennsylvania Entitlements Read this article at pahousepahouse Do you agree or disagree? Why?

Tipping Who gets tips? Service workers Why? Because they make their living off of tips. Minimum wage for wait staff is $2.13 / hour (see Bloomberg Personal Finance) Bloomberg Tipping Do's and Don't at BankrateBankrate

Review Questions Copy these questions into a Word document and add your answers. Upload to Moodle, Unit 2 “Tax Structures, Entitlements, and Tipping.” 1.Briefly describe and give an example of each type of tax structure: progressive, regressive, and proportional taxes 2.What are the largest federal entitlement programs? 3.What percent of the Federal Budget is taken up by the largest of the federal entitlement programs? 4.What is your solution to solving the problem of the financial burden created by large entitlement programs. There is no right or wrong answer. 5.What are three things you learned about tipping that you did not know before?