2. Media Research

3.  Does taxation affect the average teen?  Do a little research and then write a strong paragraph defending your side.  Don’t forget to cite your source correct.  You have 15 min to gather evidence and write your paragraph.

4. 8.2.5  Identify various forms of taxation (i.e., tariffs, sales tax, excise tax).

5.  In what ways do taxes affect all Americans?

6.  Taxation  16 th Amendment  Gross income  Net pay  IRS  Income Tax  Sale tax  Property Tax  Sin Tax  Corporate  Tariff  Payroll

7.  Taxation is a system of raising money to finance government. Although the government can also raise money through license fees, taxation is the main source for government income.

8.  Ratified in 1913, authorized the federal government to tax individual income over $3,000.

9.  Pay soldiers and police  Build dams and roads  Operate schools and hospitals  Provide food to the poor and medical care to the elderly  Provide sanitation services

10.  Government would not be able to provide services.

11.  Raise or lower taxes for social and economic reasons.

12.  Redistribute a society’s wealth by charging higher taxes to one group in order fund services for another.  (This gets some people’s tail feathers ruffled especially if you are the one paying more)

13.  Government agency in charge of collecting taxes from American citizens. Each year 1 trillion dollars is collected.

14.  Takes a percentage of a person’s income and is responsible for about 50% of all federal revenue.  This means when you earn a paycheck they take taxes from your check before you see it. Appears on check stub as FIT about 9%

15.  Tax on land, buildings owned by a business or an individual (state or local) depending upon most by city and county governments.

16.  Tax on the percentage of money spent on goods and services (state and local).  Also called a consumption tax because the citizen is buying goods – clothing, food, etc.

17.  Sales tax that tries to change people’s personal behaviors.  Most taxes are on tobacco and alcohol products.

18. Body of a 30 yr. old man with cirrhosis of the liver. Yes, I did get off track! He has paid lots of sin taxes during his short life.

19.  Tax on wages and salaries to fund social insurance programs such as Social Security  This is a federal tax.

20.  Tax on earnings of corporations (federal and state tax). Some states lower corporate taxes to bring more businesses in the area and raise corporate tax revenue.  Corporate taxes lead to double taxation as both the corporation and their owners are taxed.  Stinks if you are the owner of the land and the corporatation.

21.  Taxes levied on imported or exported goods (Federal)

22.  Tax on all of the wealth of the recently deceased person (federal and state).

23.  Tax on certain goods such as alcohol, tobacco, and gasoline (federal, state, and local).  This is not just one tax but all of them. Expensive stuff!

24.  Governments need tax dollars and most people are okay with taxes; however, it’s what the government does with our tax dollars that get people upset. That my friend is another lesson.

26.  Michael was so excited to get his first paycheck. Upon looking at his check stub he saw a FIT deduction for $299.05. His gross income was $3,356.83. Was this a mistake made by his employer?  If you need to do a little research, you have the tools right in front of you. You may also look at your notes.

27.  Yes, about right. It was about 9% of his paycheck.

28.  Identify various forms of taxation (i.e., tariffs, sales tax, excise tax).

29.  Predict what would happen to our country if the government stopped collecting taxes.

30.  If you are paying a sin tax, what might you have purchased?  If visitors traveling through spend the night at Day’s Inn what type of tax would pay?  If you bought clothing, food, and hair products, what type of tax would you be paying?

31.  Create a study guide  Open a new word document, save it as “Taxation Study Guide”  Use MLA formatting  Insert 2 columns  Insert – Table - 2  Vocabulary word on the left side, meaning on the right side.  Using the short cut keys – Select text, press Ctrl C, then Ctrl V.  Confused?

32. Word 1.Taxation Meaning a. is a system of raising money to finance government. Although the government can also raise money through license fees, taxation is the main source for government income.

34.  Michael noticed on his paycheck stub he was paying $207. 64 for Social Security. Research the purpose of this tax.  Create an introductory paragraph giving your opinion of this tax.  Thesis  3 supporting details  Concluding sentence.

35. 8.2.5  Identify various forms of taxation (i.e., tariffs, sales tax, excise tax).

36.  Justify why the government charges tariffs on imported goods?

37.  You own your home and several acres. What tax would you pay once a year?  Ratified in 1913, authorized the federal government to tax individual income over $3,000.  Takes a percentage of a person’s income and is responsible for about 50% of all federal revenue.

38.  Tariff- tax on imported goods  Goods brought into a country by ship, plane, rail system or other.  Excise tax- Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. One of the major components of the excise program is motor fuel.  www.irs.gov

39.  Go to the IRS website  Determine if the following would be subjected to an Excise tax.  http://www.irs.gov /Businesses/Small- Businesses-&-Self- Employed/Excise- Tax  Fishing and archery products.  Devices to reduce highway trailer idling.  Wooden arrows  Indoor tanning service providers.

40.  Take the taxation test in Study Island  Log in: last name, 1 st initial, birth month @nms, lunch code.

41.  What am I?  Tax on imported goods from other countries.  Tax on certain goods such as gasoline, motor oil, wooden arrows.