1. Ch. 9.2 Notes : Federal Taxes

2. Federal Taxes = In order to spend money, the gov raises money by charging various taxes
(2013 = $2,780,000,000,000)
                                     

3. II. The Feds get tax money from the following sources:
A. Federal Individual Income Tax :
1. taken out of paycheck
2. Used for general government spending
3. Max of 40% if you make >$406,000

4. Paycheck Example 1

5. Paycheck Example 2

6. B. FICA Tax >>>> help old people
paycheck tax. 2 Parts…..
1. Social Security >>
used to help pay for your retirement
a. avg $ yrs old
2. Medicare >> used to help pay for
senior healthcare

7. C. Corporation Income Tax > companies are
taxed on their profits
D. Other Taxes
a. Stock Profits > 15%
b. Gift Tax > giving cash or property while you’re alive
( over 13k year is taxable max of 35%)
c. Estate Tax > giving cash or property when you’re dead
d. Custom Duties tax > tax on imports
e. Excise tax > a set tax built into the price of a
product..... Ex. Sin Taxes
f. User taxes > ex. National Parks
fees

9. S13 …. http://www.usgovernmentrevenue.com/federal_revenue
Obama Tax Return
>> excellent graphs
GOV TAX RECEIPTS
>>>> 2009 budget, good site