Basics of Taxes
Everyone pays taxes in one form or another. The government provides many services which could not be rendered without the flow of money that comes in from taxes. Understanding why and how you pay taxes is important so that you fully grasp your role as a contributing member of society.
50% of Federal Government spending goes to FICA:
Social Security: retirement payments for "old" people
Medicare: health insurance for "old" people
17% of Federal spending goes toward national defense
Progressive Taxes increase as income increases
Income taxes, FICA taxes
Regressive Taxes are a larger burden as income decreases
Sales Tax
Excise Tax
Gasoline
Cigarettes
Alcohol
Luxury Tax
Gift Tax
Estate Tax
Property Taxes
schools
libraries
park district
local roads
police
fire
50% of Federal Government spending goes to FICA:
Social Security: retirement payments for "old" people
Medicare: health insurance for "old" people
17% of Federal spending goes toward national defense
Progressive Taxes increase as income increases
Income taxes, FICA taxes
Regressive Taxes are a larger burden as income decreases
Sales Tax
Excise Tax
Gasoline
Cigarettes
Alcohol
Luxury Tax
Gift Tax
Estate Tax
Property Taxes
schools
libraries
park district
local roads
police
fire
Tasks:
- Review the Taxes Notes
Resources:
No comments:
Post a Comment