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Taxes

Taxes. Cause you need to do em ’. Whether you like it or not. Challenge:. What is tax?. What is Tax?. Tax is a mandatory payment made by individuals and corporations to government . It can be levied upon things such as income , property , and sales.

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Taxes

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  1. Taxes Cause you need to do em’. Whether you like it or not.

  2. Challenge: What is tax?

  3. What is Tax? • Tax is a mandatory payment made by individuals and corporations to government. • It can be levied upon things such as income, property, and sales. • Taxes are used to support the government and the programs and services it provides.

  4. Question: What is your Experience with Taxes?

  5. Question: When did Taxes First appear in History?

  6. Some Tax History • Since the beginning of recorded history, some kind of tax system has existed in organized societies and governments. • Over 3,500 years ago, the ancient Egyptians collected taxes and the Roman Empire had a highly evolved tax system. • The French and Romans of the 13th century were credited with the first use of a word similar to tax. • The French had taxer and the Latin used taxare to describe the acts: to estimate, to assess, or to touch repeatedly.

  7. Challenge: 1 - What do we pay taxes on?2 - What does the Gov’t Do with the money?

  8. Discuss • What do we pay taxes on? • What does the gov’t do with the money?

  9. What Gets Taxed? • Most goods and services.

  10. What does revenue from Tax Pay For? • Roads • Education • Health Care • National Defense • Police & Fire Services • Parks & Playgrounds • Libraries • Garbage Collection • Etc. etc.

  11. Question: What is GST?What is HST?What is PST?

  12. About Tax • GST = Goods and Services Tax • PST = Provincial Sales Tax • HST = Harmonized Sales Tax (GST + PST)Only in Nova Scotia, Newfoundland, New Brunswick, PEI & Ontario

  13. Question: Anyone with a Job …what have you noticed about your pay Stub?

  14. Things That are Important for Jobs • SIN (Social Insurance Number) • A nine digit number you need to work in Canada & access certain programs • Should be kept confidential unless required • Form TD1 – Personal Tax Credit Return • Must be completed by anyone in a new job • Tells employer how much tax to withhold from pay cheque

  15. Practice Filling out a TD1 !!!

  16. Deductions off Pay Stubs…

  17. Questions to Answer About the Pay Stub… • Find the following information on your pay stub: • What is the pay period? • How many hours did David work during this pay period? • What is his rate of pay? • How much money did David earn in this pay period? • What was deducted from his pay? • What is the amount of David’s pay cheque? • What is net pay?

  18. Complete a 3-2-1 • 3 facts about taxes. • 2 benefits to taxes. • 1 thing you’ve learned.

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