1. Consumer Protection & Taxes

2. Consumer Protection
NC & US gov’ts protect consumers from unsafe & fraudulent business practices
Consumer Bill of Rights (1960s)
Right to safe product
Right to be informed (against fraudulent info)
Right to choose (variety at competitive prices)
Right to be heard
Right to redress (payment if product causes damage)

3. Consumer Product Safety Commission (CPSC): policies for safe products other than food, pharmaceuticals, alcohol, guns
Recalls
Food & Drug Administration (FDA): food, pharma, cosmetics
Tests new drugs, requires labelling, etc
Federal Communications Commission (FCC): monitors TV/radio
Prevents false ads
Fines for improper content

4. Bureau of Consumer Protection (BCP): provides info & other resources
Identity theft issues
Getting credit & loans
Equal opportunities in jobs, education
Will work w/ consumers to prosecute offenders
Better Business Bureau (BBB): provide info about local business, warn consumers about dishonest business practices
Investigate complaints

5. Types of Taxes
Progressive tax: takes larger % of income from high-income groups than from low-income groups
Proportional tax: takes same % of income from all income groups
Regressive tax: takes larger % of income from low-income groups than from high-income groups

6. Sales tax: when buying most items (most impt tax for state)
NC: 4.75%, plus local tax rates = around 6.75%-7%
Income tax: federal & state
Property tax: on homes, vehicles, etc.
Excise tax: taxes paid when purchases made on specific good
Ex: gasoline, alcohol, cigarettes

7. Tax Forms Tax Day: APRIL 15! Forms
W-4: tells employer amount of tax to withhold from employee’s paycheck
W-2: employer sends to employee & IRS to report annual wages/ amount of taxes withheld
1040: standard IRS form people use to file taxes

8. W-4 Name: Lawrence R. Red Owl
Employment: Manager at a mall clothing store
Marital status: Single
Spouse's name (if any): N/A
Children: None
U.S. citizen: Yes
Social Security Number:
Address: 5022 Oak Tree Drive, Anytown, NC 00001
You are not married. You have no children. No one else depends on you for income or support.
In May, you graduated from college with a degree in marketing.
Congratulations! In June, you get a job as the manager of a clothing store in the mall. You will be paid a weekly salary and bonus based on store sales. You will begin work on July 1. You want to impress your employer, so you will work only for the clothing store, giving the job all your time and effort.

9. Filing Taxes EZ
You are employed as a coach, earning an annual salary of $27,500. Congratulations! You received a small raise in June!
It's the end of the tax year. You receive your W-2 from the school. Your Form W-2 reflects that you made $28,
Note: Your employer is required to furnish your W-2 by January 31!
Name: Cicely B. King
Employment: Coach at Any Town High School
Marital status: Single
Spouse's name (if any): N/A
Children: None
U.S. citizen: Yes