Transcript: 2- States with high individual income tax such as Hawaii, and New York. - In 1862 the US government imposed the first national income tax. - In 1861-1862 the congress passed tax laws. - In 1863 the federal government collected the first income tax. Types of Income Tax C. Payroll taxes: 1- Employee 2- Employer Source: Bonsor, Kevin. (2001). (p.2). 1-States without an individual income tax such as Alaska, Florida, and Texas. -The beginning of the income tax in America A. Personal Income Tax D. Inheritance Tax E. Capital gains Tax ** New York has the highest state collections in America. *Most of revenues come from Personal Income Tax. By: Mohsen alabdulwahab *What is income tax? In Conclusion B. International Differences: 1. Countries without any kind of Taxes such as Saudi Arabia, and Arabian Gulf Countries (Kuwait,Bahrain...) -Differences in income Tax B. Corporate Income Tax The Differences of Income Tax 2. Countries with special types of income tax such as Iran. B. International differences A. Local differences: -The types of Income Tax *History of the Income Tax in the United States: A. Local Differences
Transcript: How do you calculate the CPP contribution ? How do you calculate the EI premium? What is the maximum CPP amount a person can pay? Tomorrow – Bank Statements (not on Quiz 1) Wednesday – Quiz Review Thursday – Cumulative Review 2 Friday – Finance Quiz 1 Income Tax "Actually, the reasons celebrities get in trouble with the IRS (America's version of Revenue Canada) are the same reasons you and I get in trouble," says Brian Compton, president of the company Tax Resolution Services. "They fail to file returns, or they file returns that are significantly false." But no matter the reason, this death of a thousand paper cuts (idiom meaning slow decline) comes in three flavors: the oblivious (Nic Cage: I'm just an entertainer!), the nefarious (Heidi Fleiss: What extra income?) and the couldn't-prove-anything-else (Al Capone: Really? Tax evasion?). And the resolution comes in two flavors: civil and criminal. Criminal is easy (and relatively rare) -- the celeb goes to jail. But if celebs can't pay back taxes in a civil case through bank accounts or liquidating assets, resolution can get creative. The IRS took a percentage of the gate of Mike Tyson's prizefights. Willie Nelson went on a pay-the-taxman tour. And Wesley Snipes' acting fees went straight to the government until his debt was paid. Martha Stewart - Stewart failed to pay taxes on her New York home to the sum of $220,000, claiming that because she didn't spend much time there, she shouldn't owe taxes on it Al Capone - Though he paid taxes on only a paltry legit yearly income, he lived like the king he was. When the federal government asked - Where did the money come from and why hadn't he paid taxes on it? It landed Capone in the slammer for 11 years, of which he served seven and a half. Willie Nelson - In 1990, the IRS presented Nelson with a $16.7 million bill for back taxes. Nicholas Cage - Deducting personal expenses was the charge against Nicolas Cage in 2007 -- $600,000 worth of them. But in 2009, it got worse when the IRS slapped a $6.2 million back taxes fee on Cage for failure to pay taxes on the $24 million in acting fees. When calculating the federal and provincial income tax of an employee we need to know the following: the employee’s taxable income. TI = GAI – Tax-Exempt Deductions the employee’s tax credits. These include CPP contributions, EI premiums, medical expenses, donations, and a basic personal amount. These tax credits reduce the amount of tax imposed on employees. Employees with a low income will therefore pay a small amount of tax. For the year 2000 the basic personal amount is $7131. Net Income = GAI – CPP – EI – Federal & Provincial Tax – Other Deductions Melissa works as a customs officer in Vancouver. In the year 2000 she earned a gross income of $67 400. She pays 4% of her gross income into an RRSP, and she has union dues of $50 per month. The union dues are a direct deduction from her salary, but the RRSP is purchased after receiving her take-home pay. Determine her total income tax for the year 2000. 2. Calculate Tax Credits Melissa’s Tax Credits = CPP + EI Premium + Basic Personal Amount 1. Calculate Annual Taxable Income Annual Taxable Income = Gross Income - Tax Exempt Deductions 5. Calculate Provincial Income Tax using table Calculate Melissa’s monthly take home pay if she has other deductions amounting to $32.40 per month. Income Tax Income Tax Tables Tax Evasion & Celebrities 4. Calculate Basic Federal Tax Melissa’s Basic Federal Tax = Federal Tax - 17% of Melissa’s Tax Credits Quick Questions What's Coming Up Celebrities convicted of Tax Evasion 6. Calculate the TOTAL Income Tax Example: 3. Calculate Federal Tax Using Table for the Year 2000 Interesting Idea...
Transcript: Annual charge levied on both earned income (wages, salaries, commission) and unearned income (dividends, interest, rents). In addition to financing a government's operations, progressive income taxation is designed to distribute wealth more evenly in a population, and to serve as automatic fiscal stabilizer to cushion the effects of economic cycles. Its two basic types are (1) Personal income tax, levied onincomes of individuals, households, partnerships, and sole-proprietorships; and (2) Corporation income tax, levied on profits (net earnings) of incorporated firms. However, presence of tax loopholes (whose number increases in direct proportion to the complexity of tax code) may allow some wealthy persons to escape higher taxes without violating the letter of the tax laws. - Provides the government money to take care of the country -Gives government money to pay services that are needed buy the community -It makes it easier for us as their paying for things such as hospitals and schools that are crucial in the community - Paying for little things such as the rubbish collectors help us, as we don't have to always worry our self with who will take the rubbish Explain how greater government spending could improve the local hospitals and council library Why Should we pay Taxes What is Income Tax Providing the government with more money could help improve the local hospitals and council library since their job is to help provide and develop the services of the country so that the community can live a better and easier life Income Tax Kyle Zhang and Siliba Ncomanzi
Transcript: thank you for your attention Questions and Decoster, A., De Swerdt, K., Orsini, K. (2008). A Belgian flat income tax: effects on labour supply and income distribution. Paulus, A., Peichl, A. (2009). Effects of flat tax reforms in Western Europe. 34,4% A comparison between Tax compliance sources Public's perception that the flat tax rate will be lower isn't true. In a progressive tax system - different rates. 25% http://commons.wikimedia.org/wiki/File:Flat_personal_income_tax a flat tax system 23,5% OECD (2006). Tax Policy Studies No 13: Fundamental Reform of Personal Income Tax. a progressive tax system Costs increase with complexity, for both the taxpayer and the tax authorities. Social inequality Social inequality and its effects. Income tax as a tool for dealing with it. Decoster, A., De Swerdt, K., Orsini, K. (2008). A Belgian flat income tax: effects on labour supply and income distribution. EUROMOD at the Institute for Social and Economic Research Organisation for Economic Co-operation and Development (2006). Tax Policy Studies No 13: Fundamental Reform of Personal Income Tax. Paulus, A., Peichl, A. (2009). Effects of flat tax reforms in Western Europe. Journal of Policy Modeling, 31(5), 620-636. Complexity decreases compliance. Perception of fairness. Possibilities of avoidance. Actual tax rate OECD (2006). Tax Policy Studies No 13: Fundamental Reform of Personal Income Tax. Costs 39,8%
Transcript: Income Tax If I was Obama I would keep the US tax system that it has currently because as of now the tax system works just fine but i would not spend all the government money i would try and save it to pay off the dept yo china Income Tax-tax levied by a government directly on income, especially an annual tax on personal income. Controversial-giving rise or likely to give rise to public disagreement Vocabulary The income tax system in the US is basically the IRS takes a percent of your pay and uses it for the needs of the country. Also the US tax rate on US citizens changes depending on your state of life but the % can range from 10%-39.6%.The italian tax system is a little bit different percentage wise.There taxes can range from 23%-43%. Italian individual income tax is called impostasulredditodellepersonefisiche, or IRPEF. What Would I do By:Joey Scalza Controversial issues with the US tax system The controversial issues with the United States tax system are everyone has to pay taxes even though that makes it fair some can not afford them. Also some people feel certain things should not be taxed C&C Tax systems US vs Italy
Transcript: You would have to pay $3792 dollars for that year for your Income tax Accountant/Bookkeeper At Company Confidential Income Tax Cashier at Burger King By: Dustin Sumners 3rd Your pay would be 30k-35k a year you would make $2500-$3000 a month You would have to pay $31 a week for your federal Income tax for this job The Wage is $7.69 per hour A check that you worked 40 hours on you would make around $300-$310
Transcript: The Jobs I Choose How to find the amount of federal income tax?? Detail 4 Why Do We Pay It The federal government uses your tax dollars to support Social Security, health care, national defense and social services such as food stamps and housing. Take your yearly, monthly, and or weekly wage/salary and divide by the months, weeks then check your claims What Is A Federal Income Tax & Why Do We Pay It ?? Income Tax The first job i choose was a cooking job for a company it paid good money and also had benefits The second job i choose was a welding job it also paid a great deal of money Tax on income that you earn from employment is deducted from your wages by your employer on behalf of the Irish Government. This is known as Pay As You Earn (PAYE). The amount of tax that you have to pay depends on the amount of the income that you earn and on your personal circumstances by: Kiana Darden An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive.
Transcript: Different types of Income Tax A tax put on taxpayers that's different for every taxpayer based on their income/profit What Is It? For Example By Megan O'Brien Individual Individual business state Income Tax A tax the government puts on annual income What's Good About Income Tax The amount of income you make will affect how much you're taxed add logo here
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