Transcript: Starter 8-1 Write a paragraph discussing what life would be like if city, state and federal governments all stopped charging taxes. Sales Tax Gas Vice taxes (Alcohol Tobacco) Fees for services (hunting license, library card, toll roads, etc.) Home Car Income Tax Consumptive tax Property Taxes Corporate Tax Capital Gains Tax Payroll Taxes Inheritance or Estate Taxes FICA: Social Security Medicaid Earn Money Gross Income Withheld Income Earned Income Unearned Income Taxable Income I.R.S Exemptions are about who is dependent on that income. Deductions are about spending money in non-taxable ways. 33% Comes from your W-2 Changes Tax Rate Reckoning NET PAY (Take Home Pay) Employer reports all taxes witheld to you and the I.R.S. end of the year Example: Head of Household earning $50,000 More dependents reduces taxable inome. all year = Higher Taxable income = Higher Tax Rate If all goes well... Example: Single person earning $300,000 TAXES OWED Taxes Withheld Ability to Pay = "Fairness" all stuff you can spend your money on that reduces your taxable income. Deductions are about how you spent your income. Income Tax Withheld 25% Business or investment losses reduce gross income REFUND or ADDITIONAL PAYMENT A concept of tax fairness that people with different amounts of wealth or different amounts of income should pay tax at different rates. Wealth includes assets and property, such as houses, cars, stocks, bonds, and savings accounts. Income includes wages, interest, and dividends. Lower Taxable Income = Lower Tax Rate Deductions reduce your taxable income. more and more details. Tax Credits other income sources Kinds of Taxes If not... All types of income listed here You are not taxed for the parts of your income that you spend in these ways. Calculate taxes ALL income All exemptions All deductions Tax percentage based on ablility to pay Current tax law
Transcript: income tax rate increase from 35% to 39.6%(40%) salary:$300,000 Do little to close the budget deficit reduce working hours and passion salary: $300,000 progressive proportional regressive YES levied on the income of individuals or businesses Income Tax Do little to lower income families. NO $77,5000 income tax:$75,000 Introduction Close Budget Deficit •employment •self-employment •most pensions income •most savings •shares (dividends) •rental income •trust GDP Working Hours Should the person who get higher income pay more income tax? Social Security Health Care Defense Spending
Transcript: Personal Allowances Employment Status - Contract of Service vs Contract for Services (Obligation, Equipment, Rights etc) Consequences Expenses - Wholly and Exclusively vs Wholly, exclusive & Nessessary NIC - 9% class 4 + weekly class 2 vs Class 1 12% VAT - Register and Claim Back vs Suffer VAT Allowable deductions Expenses (W,E&N), Employer Pension, AMAPs (45p <10000 25p>10000), Subscriptions Travel - Not commute, Temporary Workplace allowed whole cost Share Schemes EXEMPT Income - ISA's, NS&I income, Winnings,Tax Credits NON SAVINGS Income - PAYE, Trade, Property Income, Pensions, Furnished Holiday Lettings SAVINGS income - Bank Interest (100/80), Interest from IIP Trust (100/80), Discretionary Trust (100/50) DIVIDEND Income - UK (100/90) Employment Income Income Tax 7475 Personal Allowance, NS S D 0-£35000 20% 20% 10% £35k-£150k 40% 40% 32.5% £150,001+ 50% 50% 42.5% Computation Income Tax £7,475 Basic Allowance Reduction in Personal Allowance for high earners Adjusted Net Income of £100,000+ ANI = Net Income Less Gross Gift Aid Less Gross Personal Pension Contributions Personal Allowance reduced by 50% of Excess of £100,000 Therefore Effective rate of tax £100k-£114,950 is 60% (advise up Pension Cont)
Transcript: What is the tax on? The tax rate for Colorado is 4.63% Tax levied by a government directly on income, especially on an annual tax on personal income. Federal and State Where the Money goes Income tax is basically charged by how much money you make. It is a tax on income. This is what gets took out of your pay check before you get it. According to CBO (Congressional Budget Office) individual income taxes bring on the most money in the government. http://www.businessdictionary.com/definition/income-tax.html https://www.irs.gov/Credits-&-Deductions/Individuals/Earned-Income-Tax-Credit Definition Healthcare, National Defense, Job and Security Defense are the main things. Purpose
Transcript: Graphs and Charts by: Bysche P. Ramas Income tax is a tax on a person's income, profits and the like, realized in one taxable year. Definition of Taxable income Nature and purpose of income tax Cash and/or property dividends received from a corporation Income (for tax purposes) means all wealth which flows into the taxpayer other than as a mere return on capital. So not all receipts of a person are income. The amount of income that is used to calculate an individual's or a company's income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments that are allowable in that tax year. 6%, 8%, and 10%, effective 1998, 1999, and 2000 respectively It is generally regarded as a privilege tax and not a tax on property. It is a tax on the privilege to earn an income. Its purpose is to raise revenue. 6% based on the gross selling price or current fair market value, whichever is higher 5% on the amount not exceeding P100,000 and 10% on any amount in excess of P100,000, so if the net capital gains is P120,000, the final tax is P7,000. Royalties A payment to an owner for the use of property, especially patents, copyrighted works, franchises or natural resources. A royalty payment is made to the legal owner of a property, patent, copyrighted work or franchise by those who wish to make use of it for the purposes of generating revenue or other such desirable activities. In most cases, royalties are designed to compensate the owner for the asset's use, and are legally binding. What is gross income? Definition of Income Net capital gains from sale of shares of stock not traded through the stock exchange What is income tax? Incomes subject to final income tax It is all income but not including exempt income and income subject to final tax. Rates of taxable income of individuals Capital gains from sale real property
Transcript: Income Income Thank You ! Taxes Income Taxes Thank You! Taxes Rap Income tax is levied by a government directly on income, especially an annual tax on personal income. What is income tax? What is income tax? People who have greater incomes pay a higher tax rate than those who earn less. For example, somebody earning $30,000 per year may pay 25% of their income compared to those earning $300,000+, who pay 35%. Example of Income Tax: Example of income tax Pictures Taxes 101 Taxes 101 Income taxes have a huge impact on businesses. When consumers are taxed and there money is going to the government, that leaves less money to spend on thats businesses product. How does Income Tax effect a consumer and businesses? How does Income Tax affect the consumer and Business? If someone makes 100,000 dollars and taxed around 10,000 then that person is less likely to spend money on a businesses product. Example Example Pictures Pictures Income tax for corporate businesses is less than regular income tax. Income tax across the USA Income Tax across the USA Circle Graph
Transcript: The nation had few taxes in its early history, from 1791 to 1802, the United States government was supported by internal taxes on carriages, sugar, tobacco and snuff, property sold at auction, corporate bonds, and slaves. The high cost of the War of 1812 brought about the nation's first sales taxes on gold, silverware, jewelry, and watches. In 1817, however, Congress did away with all internal taxes, relying on imported goods to provide enough funds for running the government. In 1862, in order to support the Civil War effort, Congress enacted the nation's first income tax law. The Act of 1862 the office of Commissioner of Internal Revenue was given the power to assess, levy, and collect taxes, and right to enforce the tax laws through property and income and through prosecution. The authority and power remain quite the same today. The Tax Act of 1862 stated that the income tax would be required to those that earned up to $10,000 to pay the government 3% percent of their income while others that made over $10,000 would pay 5% percent, Also there was the inclusion of a $600 standard deductible. The income tax law was amended several times over the next few years and eventually fully repealed in 1872. (cc) photo by Metro Centric on Flickr doodles By the 1890's, the U.S federal government was starting to rethink their tax plan. They realized that these taxes was too much money on only a select portion of the population, mostly the less fortunate, the U.S. federal government began looking for a more even way to distribute the, they thought that a graduated-scale income tax placed upon all citizens of the United States would be a fair way to collect taxes. In 1895 at that time all federal taxes had to be based on state population, the income tax law was found unconstitutional by the U.S. Supreme Court. In 1913, the 16th Amendment to the Constitution was ratified. This amendment stated that taxes were not put on based on state population by stating: "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration." notes Budapest 1. People who make less have to pay less in tax. San Francisco Impact When families are give back money from taxation, It help families pay off debt they may have. Help families who are in need of loan money to be able to have time to look for a job and income tax helps stablize prices since more money is going into the economy. Notes Stockholm Highest historical rate are : 2009 -2012: 35% Income Tax (cc) photo by jimmyharris on Flickr The potential impact beyond the direct payment recipient could lead to reduced tax rates. (cc) photo by Franco Folini on Flickr Double click to crop it if necessary 5. All citizens getting back money In October of 1913, the same year the 16th Amendment was ratified, the federal government had their first permanent income tax law. Today, the IRS collects more than $1.2 billion in taxes and processes more than 133 million returns annually. History outlook 3. No taxation on social security photo frame Many believe income taxes is enforced against those generally not liable. Mainly due to the convoluted way the IRC is written. They believe the government shouldn't have right over you labor or property. People for income tax believe eliminating the income tax will gut more than $11 billion from state revenues, which is about 42 percent of this year’s $28.3 billion budget. There are federal mandates such as Medicaid, debt service obligations and long-term bonds and negotiated contracts that will be first in line to be paid.How much do proponents think will be left over to distribute to cities and towns for public safety and education? Place your own picture behind this frame! (cc) photo by Metro Centric on Flickr details map 4. Health benefits Assets Average American pays 18 percent in income taxes. percent of the total federal budget: 49.1% Important Details 2. It makes it much easier to keep track of taxes Benefits&etc.
Transcript: General overview and coverage scope income derived from running a business income derived from the performance of societies obtained by their members and income obtained by the shareholders of investment funds payments for labor and services income derived from rents capital gain income received in the form of interest royalty annuities income from non-discharge of an economic entity’s indebtedness government subsidies, premiums and prizes amounts received under an agreement incomes obtained in accordance with the legal provisions as a result of the application of a criminal clause as a form of compensation for the missed income other incomes comprise juridical and natural persons receiving income from any sources on the territory of the RM during the taxation year, and juridical persons-residents, which receive investment and financial income from sources outside the RM United States In order to help pay for its war effort in the American Civil War, the United States government imposed its first personal income tax, on August 5, 1861. The concept of taxing income presupposes several things: The subjects The coverage scope Emperor Wang Mang of the Xin Dynasty instituted an unprecedented tax—the income tax—at the rate of 10 percent of profits, for professionals and skilled labor. a money economy, reasonably accurate accounts, a common understanding of receipts, expenses and profits, and an orderly society with reliable records. Income tax The tax object the net income, including the allowances received from all sources by all juridical and natural persons minus the deductions and exemptions granted to the given entity by law are the individual enterprises and farms. According to the taxation legislation, taxation subjects are the entities legally responsible for paying taxes. Canada 16,5% and 15-29% China - 25% and 3-45% Germania - 30-35% and 14-45% Netherlands - 20-25% and 0-52% Romania - both 16% Russia - 20% and 13% USA - both 15-35% 01.01.1998 http://www.worldwide-tax.com/ http://en.wikipedia.org/wiki/Income_tax The Fiscal period The natural persons profit tax of enterprises individual tax income profit tax of banks Bibliography: Income tax can be: progressive, proportional, or regressive is the calendar year at the end of which the taxable income is determined and the amount of tax to be paid is computed. for newly established entities - is the period from the registration date until the end of the calendar year. for liquidated or reorganized entities - the period from the beginning of the calendar year until the date from the removal of the entity from the State Register. Han Dynasty (ancient China) 1.Any enterprises, institutions, and organizations involved in enterpreneurial activity with the exception of individual enterprises and farms. 2.Non-residents with an economic presence on the RM territory The juridical persons Income tax corporate and individual Rata Victoria FB 10H
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