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Transcript of TAXES
as income increases, amount taken in taxes increases
ex: the 7% tax on the purchase of a new car impacts Joey a lot more than it impacts Susie!
How the government
types of taxes
of income is taken
ex: someone who makes $10,000 pays 5% in taxes
someone who makes $50,000 pays 6% in taxes
makes $10,000 a year. tax will be $700
makes $1,000,000 a year. $700 tax doesn't matter as much!
specific taxes you may see...
the more you make, the less tha tax affects you
ex: 12.4% of paycheck taken for Social Security (FICA)
percentage of income taken (state/national govt)
Social Security and Medicare
(taken from paycheck)
on the manufacture of certain goods (tobacco, gas)
on property or items given to you when someone dies
on a gift
(worth over $10,000)
on property value land, buildings, etc)
The sales tax on a $20.00 is 7%,
or $1.40. This tax is a bigger burden for Josh, who has a $15,000 income than for Aaron who has a $150,000 income.
What type of tax is this?
Your department store receipt says that you paid 5% sales tax on equipment.
This sales tax is an example of a
Your paycheck says that you paid a 7% tax on your income. This income tax is an example of a
ex: income tax
ex: sales tax