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3/26/14 “Adjusted Gross Income”

3/26/14 “Adjusted Gross Income” How is your AGI different from the amount of money you earn in a year? What does the IRS use your AGI for?. Adjusted Gross Income (AGI ) Total income minus all of your deductions Example: Income = $50,000 Standard deduction = $ 6,100

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3/26/14 “Adjusted Gross Income”

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  1. 3/26/14 “Adjusted Gross Income” How is your AGI different from the amount of money you earn in a year? What does the IRS use your AGI for?

  2. Adjusted Gross Income (AGI) • Total income minus all of your deductions • Example: Income = $50,000 • Standard deduction = $6,100 • AGI = $50,000 – $6,100 = $43,900 • What does the IRS use your Adjusted Gross Income for? • AGI is the amount of $$ your are taxed on (basically)

  3. 3/26/14 Econ. Agenda Review AGI math problems # 1 – 3 Discuss Russian economic sanctions & whether you think they are going to work. (class discussion) HW: None! 

  4. Where is Russia? Where is Ukraine? Where is Crimea?

  5. This is where Ukraine is!

  6. What is happening in Ukraine right now? Source: http://www.bbc.com/news/world-europe-26476314

  7. Crimea: History Crimea was part of Russia/U.S.S.R. until 1954 when the Soviet leader Nikita Khrushchev gifted it to Ukraine. Source: http://www.bbc.com/news/world-europe-26476314

  8. Crimea: History • That didn't matter when this was all Soviet territory. • 1991 - the Soviet Union collapsed. And overnight, Russia and Ukraine became separate countries, with Crimea still in Ukraine. Source: http://www.bbc.com/news/world-europe-26476314

  9. Ukraine: East vs. West • Western Ukraine tends to identify with Europe. • Eastern Ukraine tends to identify with Russia. • Who does Crimea seem to identify with?

  10. Ukraine: What has happened recently? • late Jan. 2014 – protests erupt over rule of pro-Russianpresident Victor Yanukovych • Yanukovychdecided to ally Ukraine more with Russia than with the European Union. Source: http://www.bbc.com/news/world-middle-east-26248275 Source: http://gokicker.com/2014/03/03/ultimate-super-helpful-guide-tense-situation-ukraine/#!ArejJ

  11. Ukraine: What has happened recently? • Feb. 2014 – protests continue & Ukrainian govt. violently cracks down on protesters • 18 dead & hundreds wounded on Feb. 18th Source: http://www.bbc.com/news/world-middle-east-26248275

  12. Ukraine: What has happened recently? • Feb. 20th– protests continue… • 88 people killed in 48 hours. Govt. snipers killing protesters… Source: http://www.bbc.com/news/world-middle-east-26248275

  13. Ukraine: What has happened recently? • February 22nd: President Yanukovych disappears & protesters take control of presidential buildings. • Parliament votes to remove president from power & names interim president until elections can be held. • An arrest warrant • is issued for former • president Yanukovych. Source: http://www.bbc.com/news/world-middle-east-26248275

  14. Ukraine: What’s the Problem? • February 27 – 28: Pro-Russian gunmen seize key buildings in the Crimean capital. Unidentified gunmen in combat uniforms appear outside Crimea's main airports. Source: http://www.bbc.com/news/world-middle-east-26248275

  15. Ukraine: What’s the Problem? • March 1: Russian parliament approves Vladimir Putin's request to use force in Ukraine to protect “Russian interests.” Source: http://www.bbc.com/news/world-middle-east-26248275

  16. Ukraine: What does Russia Want? • March 7: Russia says it will support Crimea if the region votes to leave Ukraine & join Russia. Source: http://www.bbc.com/news/world-middle-east-26248275

  17. Ukraine: What does the U.S. think? • March 12: Barack Obama pledges to stand with Ukraine (& thus against Russia) during a meeting with interim Ukrainian Prime Minister ArseniyYatsenyuk at the White House. Source: http://www.bbc.com/news/world-middle-east-26248275

  18. Ukraine: So, did they vote…? • March 16: Exit polls from Crimea's secessionreferendum say 93% of voters support a proposal for Crimea to join Russia. • However, there are reports of pro-Ukrainians boycottingthe vote & voter intimidation, etc. • Also, there are rules in Ukraine’s Constitution for how secession works, • & this did not follow those • rules. Source: http://www.nytimes.com/2014/03/17/world/europe/crimea-ukraine-secession-vote-referendum.html?_r=0

  19. Ukraine: Why do the U.S. & the E.U. care? • U.S. & European Union denounce the Crimean vote & Russian decision as illegitimate & illegal. • U.S. & E.U. threaten economic sanctions & “further action” if Russia doesn’t back off. Source: http://america.aljazeera.com/articles/2014/3/18/putin-signs-draftlawforcrimeanannexationblastswest.html

  20. Ukraine: So, what did Putin do? • Putin & Russia signed treaty recognizing & officially annexing Crimea as part of Russia. Source: http://america.aljazeera.com/articles/2014/3/18/putin-signs-draftlawforcrimeanannexationblastswest.html

  21. Ukraine: Why does this have such huge global implications? • U.S., E.U. & their allies = “The West” • Russia, China, & some other “Big C” Communist countries = “The East” Source: http://www.infiniteunknown.net/2013/06/16/iran-sends-4000-revolutionary-guards-to-aid-syrias-assad/

  22. Economic Sanctions Against Russia • What are the economic sanctions being enforced on Russia right now? • Specifically, how have these economic sanctions affected Russia so far?

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