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TAXES

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by

michelle ashmore

on 25 January 2016

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Transcript of TAXES

TAXES
Proportional
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
gets money

types of taxes
constant percentage
of income is taken
progressive
ex: someone who makes $10,000 pays 5% in taxes
someone who makes $50,000 pays 6% in taxes
$10,000
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...
Regressive
the more you make, the less tha tax affects you
ex: 12.4% of paycheck taken for Social Security (FICA)
personal
income
percentage of income taken (state/national govt)
what type?
progressive
FICA
Social Security and Medicare
(taken from paycheck)
what type?
proportional
excise
on the manufacture of certain goods (tobacco, gas)
what type?
regressive
inheritance
on property or items given to you when someone dies
what type?
progressive
gift
on a gift
(worth over $10,000)
what type?
Sales
on purchases
what type?
regressive
property
on property value land, buildings, etc)
what type?
proportional
practice
is
fun!!

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?

B
Your department store receipt says that you paid 5% sales tax on equipment.
This sales tax is an example of a
B
Your paycheck says that you paid a 7% tax on your income. This income tax is an example of a
C
progressive
INCOME
ex: income tax
ex: sales tax
review:
review:
review:
Full transcript