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What Does Have to Do With Financial Literacy

What Does Have to Do With Financial Literacy. Taxes. LEQ/Objectives:. What is taxes? What is the purpose of taxes? What are the different taxes in the United States?. What is Taxes?.

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What Does Have to Do With Financial Literacy

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  1. What Does Have to Do With Financial Literacy

  2. Taxes

  3. LEQ/Objectives: • What is taxes? • What is the purpose of taxes? • What are the different taxes in the United States?

  4. What is Taxes? • In a free enterprise system such as ours, the government collects money from citizens and businesses in form of taxes. • The government then spends this money called revenue according to priorities determined by Congress.

  5. Which Programs Do Our Governments Use the Most on Taxes?

  6. The Purpose For Taxes • How do we use taxes? • Are taxes beneficial for the public? • What would we do without taxes?

  7. Could you make the Extra Point During March Tax Madness?

  8. Progressive Taxes • Taxes that a large share of income as the amount of income grows. • It’s the old saying, “The more you make, the more that they are going to take”

  9. Regressive Taxes • Regressive Taxes are taxes that take a smaller share of income as the income grows. • Do you think you pay a larger percentage of income for sales tax than Bill Gates does?

  10. Give Me An Excise Tax, You could make the Point at The Tax-Ball Court!

  11. Excise Taxes • Sales Tax • Tobacco Tax • Oil Tax • Alcohol Tax • Telephone Tax • Utility Tax • Rental Car Tax • Gasoline Tax • Tire Tax • Firearms Tax • Grocery Tax

  12. Proportional Taxes • Flat Tax are taxes for the rate the stays the same regardless of income. For Example, Individuals living in a Residential Building in New York will pay the same taxes regardless if the apartment is worth $1,000,000 or $10,000,000. • Could anyone guess who lives in this building?

  13. Taxes on The Local Level Property Taxes • Which type of services are provided with Taxes on the Local Level?

  14. March Tax Madness Post Game Show • What are taxes? • What is the purpose of taxes? • What are the different taxes in the United States?

  15. LEQ • What are the components of the Tax System? • What is the Internal Revenue Service? • What are the Tax Brackets? • What is Tax Evasion?

  16. Components of The Tax System • The IRS • The Power to Tax • Paying Your Fair Share

  17. IRS • Interval Revenue Service is an government agency of the Department of Treasury headquartered in Washington D.C.

  18. What Does the IRS exactly do? • The main function for IRS is to collect income taxes and enforce tax laws. • They report taxes to Congress and Congress will determine where the money is spent. • Interstate Highway Projects • Defense

  19. Power to Tax • The Constitution provides all bills for raising revenue which originates in the House of Reps. • The bill must pass through the House and Senate and be signed by the President in order to be signed into law

  20. Services Offered by The IRS • Assist Taxpayers in finding information and forms. • IRS prints pamphlets to aid taxpayers in preparing returns. • IRS publishes and provides books to school and colleges.

  21. How to Contact the IRS • Online: www.irs.gov • In Person: 203 Washington Place, Newark. • Hours: Monday-Friday 8:30-4:30 pm • Office is Closed for Lunch between 12:30-1:30 pm

  22. What is a Tax Bracket?

  23. Tax Brackets • 6 Different Types of Federal Income Tax Brackets • Ranging from 10% to 35% • However, State Taxes are different from State to State. • Florida: None • Hawaii: 1.4 % to 11%

  24. Tax Year 2013 Bracket Tax Year: 2013, Filing Status: Single

  25. Question #1 • Austin will owe $800 in Federal Income Tax to the IRS at the end of the year. • Austin would be in the category of $0 and $8,700 where his tax bracket is 10%

  26. Question #2 • Mr. DeLuca’s salary between all the jobs will be $42,000 a year • His income falls between $35,350 and $85,650 and his percentage is 25% • He will owe $10,500 at the end of the year.

  27. Paying Your Fair Share • All citizens are expected to prepare and file income taxed. • The Day Taxes are due are April 15th.

  28. How Are These People Associated With Taxes

  29. Tax Evasion • Willful failure to pay taxes faces serious crime punishment by a fine or imprisonment by both.

  30. Tax Evasion • Could you think of other examples of Tax Evasion that you have seen in television or movies?

  31. Three Point Review • What are the components of taxes? • What is the IRS and its function? • How many Federal Tax Brackets are there? • List a service that are provided by the IRS to us the Taxpayers?

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