1 / 13

Taxes

Taxes. Grab a card and don’t show anyone. Are you going to cooperate with voluntary compliance?. Each card represents a part of your income. Face cards represent cash, payments under the table, “tax free” 2-5 represent tips i.e. a waiter, hair stylist, parking garage attendant, etc.

lucas-william
Download Presentation

Taxes

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Taxes Grab a card and don’t show anyone

  2. Are you going to cooperate with voluntary compliance? • Each card represents a part of your income. • Face cards represent cash, payments under the table, “tax free” • 2-5 represent tips i.e. a waiter, hair stylist, parking garage attendant, etc. • If you pulled a 6-10 you must return it immediately. (they represent your paycheck and you must deposit it to the bank.)

  3. Voluntary compliance • Let’s count the cards • How many are we missing? • Now, lets see how the government will use the taxes.

  4. Perfect World Library- 5 Textbook -5 Electricity/AC/Heat-12 Teachers- 17 Admin. Classif.-8 Cafeteria- 5 Reality Library- Textbook - Electricity/AC/Heat- Teachers- Admin. Classif- Cafeteria- Tax Revenue for Heritage High School

  5. Tax Talk • Deductibles (write offs)- Items withdrawn from taxes i.e. charity, business expenses, etc. • Is Social Security a tax? • What is a tax shelter? *What are some of the tax proposals for this upcoming election?

  6. What are taxes? • A required payment to a local, state, or national government. Taxes give the government money to operate • There are three tax structures • Proportional- “flat tax” • Progressive- Income tax • Regressive- Sales tax

  7. Federal Taxes • Stats to consider: • 2004, the fed. Gov’t took in $1.88 trillion in taxes, which is $6,300 per person. • The federal government uses 6 sources of tax revenue. • Individual income • Corporate income • Social insurance • Estate and gift tax • Customs duties • Miscellaneous receipts

  8. Hold on… I’m coming…. • Withholding- taxes taken from income check…i.e. Federal Insurance Contributions Act (FICA), Medicare, SSN • Tax return – form used to file income taxes • Taxable income – income on which tax must be paid; total income minus exemptions and deductions. • Personal exemption- set amt. that you subtract from your gross income for yourself, your spouse, and any dependents. • Deductions – variable amt. you can deduct from gross income. More info. On page 366

  9. Hours Earnings 20 200.00 Taxable Wages 200.00 Description Amount FICA 15.20 Federal 10.25 State 5.10 City 1.00 Total Taxes 31.55 Calculate net pay= You’re So BossyThis is one of your employees, please determine their net-pay

  10. Work in pairs, study some stubs • Grab two out of the six pay stubs and answer the following for each stub • 1. Name of establishment • 2. Gross earnings for single pay period • 3. Net earnings for single pay period • 4. Amt. of FICA or Social Security • 5. What is the difference between year to date and current amount of one pay period?

  11. Excise Tax Estates Tax Gift Tax Gasoline, cigarettes, alcoholic beverages Real estate, jewelry, paintings, insurance. Under $11,000 a year And the other……In pairs brainstorm 2 examples for each.

  12. H.W.See Figure 14.5 pg: 367 and answer the questions • I am married and make $119,950 what is the amount I am taxed over? • I am single and a student at Cal Poly and make 2,000. How much do I pay in taxes?

  13. H.W.Social Security • Insurance policy for old-age, survivors, and Disability insurance • Why was SSI created? When? • Why is it failing?

More Related