The Basics Of Taxes

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2.2.2.G1The Basics of TaxesAdvanced Level

2.2.2.G1What are taxes?Taxes –A sum of money demanded by agovernment to support thegovernment itself as well asspecific facilities or servicesPaid by taxpayers –A person who pays a tax tonational, state, county ormunicipal (city/town)governments Take Charge Today – August 2013 – The Basics of Taxes – Slide 2The University of ArizonaAre youataxpayer?

2.2.2.G1CommunityCommunity – agroup of people withcommon interestsand concern for thecommon goodUnitedStatesStateCounty Take Charge Today – August 2013 – The Basics of Taxes – Slide 3The University of ArizonaCity/town

2.2.2.G1What are benefits of being a partof these nationalsecurity?Police andRecreationfire(parks, trails)departments Take Charge Today – August 2013 – The Basics of Taxes – Slide 4The University of Arizona

“You are better off being in acommunity than by yourself”2.2.2.G1As a community member youreceive many benefits youcould not pay for individuallyTaxes are a way members of acommunity provide for oneanother Take Charge Today – August 2013 – The Basics of Taxes – Slide 5The University of Arizona

2.2.2.G1How do you benefit from taxes?1. Make a list of things you use or benefitfrom that were funded, at least in part,by taxes2. How do these items contribute to yourwell-being?Physical3. What would you doFinancialIntellectualif you didn’t havethese items?Emotional Take Charge Today – August 2013 – The Basics of Taxes – Slide 6The University of ArizonaSocial

2.2.2.G1How do taxpayers pay Tax Take Charge Today – August 2013 – The Basics of Taxes – Slide 7The University of Arizona

2.2.2.G1Income taxIncome tax - taxon earned andunearned incomeEarned income-money earnedfrom working forpayUnearned income income received fromsources other thanemploymentExample: Wagesand salaries earnedfrom employmentExample: Interestearned from asavings account Take Charge Today – August 2013 – The Basics of Taxes – Slide 8The University of Arizona

2.2.2.G1Components of income taxFederalincometaxIncome taxStateincometax Take Charge Today – August 2013 – The Basics of Taxes – Slide 9The University of Arizona

2.2.2.G1Federal Income TaxTax isdeterminedby? Earned andunearnedincome Higherincome more taxpaidPaid by?Helps fund? Majority ofpeople livingin the U.S. Operationsof federalgovernment Governmentprograms education defense ofthe nation disasterrelief Take Charge Today – August 2013 – The Basics of Taxes – Slide 10The University of Arizona

2.2.2.G1State Income TaxTax isdeterminedby? Earned andunearnedincome Higherincome More taxpaidPaid by?Helps fund? Those living instates with astate incometax Not all stateshave a stateincome tax Varies bystate Examples: Statehighways Operationsof stategovernmentDoes your statehave stateincome tax? Take Charge Today – August 2013 – The Basics of Taxes – Slide 11The University of Arizona

2.2.2.G1Payroll TaxPayroll tax – A tax on earned income thatsupports the Social Security and Medicareprograms (also known as FICA)Tax isdeterminedby? A setpercentageof earnedincome Deducted outof paycheck(except forself-employed)Paid by? Individualswho earnincomefromworking forpay Employers Take Charge Today – August 2013 – The Basics of Taxes – Slide 12The University of ArizonaHelps fund? SocialSecurityprogram Medicareprogram

2.2.2.G1What is Social Security?Purpose Income for: Retirees People withprofound disability Children who havelost a parent A person withchildren who hasexperienced thedeath of a spouseTaxcharged 6.2% of earnedincome (decreased to4.2% for 2011-12) Up to an annualmaximum Take Charge Today – August 2013 – The Basics of Taxes – Slide 13The University of Arizona

2.2.2.G1What is Medicare?Purpose Helps pay for healthcare for seniorcitizensTaxcharged 1.45% of earnedincome No limit Take Charge Today – August 2013 – The Basics of Taxes – Slide 14The University of Arizona

Employers also pay Social Securityand Medicare2.2.2.G1Match their employees tax contributionsEmployeecontribution: 100Employercontribution: 100Employerpays 200 inpayroll taxesto thefederalgovernmentSelf-employed people pay both theemployee and employer contributions Take Charge Today – August 2013 – The Basics of Taxes – Slide 15The University of Arizona

What is the difference betweenincome tax and payroll tax?Income TaxPaid on both earned andunearned incomePayroll TaxPaid on only earnedincomeAmount paid depends onmany different factors butincreases as incomeincreasesFunds many differentoperations and programsof the federal governmentA set percentage ofearned income is paid2.2.2.G1Funds the Social Securityand Medicare programs Take Charge Today – August 2013 – The Basics of Taxes – Slide 16The University of Arizona

2.2.2.G1Property TaxProperty tax - a tax on property, such as land,buildings (including homes), and motor vehiclesTax isdeterminedby? Percentageof propertyvalue Amount paidvariesdependingupon whereyou livePaid bywhom? Propertyownerso Fee tolicense caris apropertytax Take Charge Today – August 2013 – The Basics of Taxes – Slide 17The University of ArizonaHelps fund? Schools Expenses ofstate andlocalgovernments

2.2.2.G1Sales TaxSales tax – tax on purchased goods and servicesTax isdetermined by? A percentageadded to theoriginal priceof an item 1.00 itemcharged 6%sales tax 1.06Paid by?Helps fund? Anyone whopurchases anitem chargedwith sales tax Some statesdon’t havesales tax Expenses ofstate andlocalgovernments Take Charge Today – August 2013 – The Basics of Taxes – Slide 18The University of ArizonaDoes your statehave sales tax?

2.2.2.G1Excise TaxExcise taxes – taxes collected from the seller or retailer and as suchoften remain hidden in the price of a produce or serviceTax isdeterminedby? Purchase ofcertain items: Gas Hotel rooms Airline tickets Cigarettes Alcohol Often includedwithin the priceof these itemsPaid by?Helps fund? Anyone whopurchasescertain items Varies bylocation Expenses ofstate andlocalgovernments Take Charge Today – August 2013 – The Basics of Taxes – Slide 19The University of Arizona

2.2.2.G1How are tax rates determined?Determined by public representatives (city councils,county commissions, state legislatures, Congress)Elected by votersTaxpayers votersWork as a voting group to elect representativeswho will represent the majority Take Charge Today – August 2013 – The Basics of Taxes – Slide 20The University of Arizona

2.2.2.G1Taxes and Money ManagementTaxes play a role inboth earning andspendingOne of the largestexpenses for manypeopleWhy do you thinkunderstanding taxes is animportant part of moneymanagement? Take Charge Today – August 2013 – The Basics of Taxes – Slide 21The University of Arizona

2.2.2.G1SummaryWithout taxes it wouldbe hard to pay formany of the benefits ofbeing a member of acommunityTaxes are charged inmany different formsThe amount of taxesyou pay and what youpay those taxes on willvary depending uponwhere you live andyour incomeUnderstanding taxes isan important part ofmoney management Take Charge Today – August 2013 – The Basics of Taxes – Slide 22The University of Arizona

Sales Tax Sales tax – tax on purchased goods and services Tax is determined by? Paid by? Helps fund? Does your state have sales tax? A percentage added to the original price of an item 1.00 item charged 6% sales tax 1.06 Anyone who purchases an item charged with sales tax Some states don’t have sales tax Expenses of state .

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