3 Least important Bell Ringer Write down 2 questions you have about TAXES Get into 10 Groups of 3ish Cost of Living Mr Quam Rent 625 Food 250 Transportation 450 Utilities 50 ID: 782545
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Slide1
UDHR Discussion
5 Most important
3 Least important
Slide2Bell Ringer
Write down 2 questions you have about TAXES!
Get into 10 Groups! (of 3ish)
Slide3Cost of Living (Mr. Quam!)
Rent $625
Food $250
Transportation: $450
Utilities: $50
Phone/Internet: $200
Student Loans: $250
Total: $1,825
Min. Annual Expenditures: $21,900
Salary: $36,800=$14,900
Other: Summer Vacation/Smaller Vacations, Car Repairs, Hospital Visits/ Drs. Apt./Prescription, House Repairs, Clothes/Shoes, Gym Membership, Electronics/Toys,
Plus Others:
Slide4Cost of Living Profiles
Slide5How is the President involved in the budget and taxes?
The President submits a budget request to Congress
The House and Senate pass budget resolutions
House and Senate Appropriations subcommittees "markup" appropriations bills
The House and Senate vote on appropriations bills and reconcile differences
The President signs each
appropriations bill
and the budget becomes law
A bill that specifies how much money can be spent on a given federal program. Reviewed by Appropriations subcommittees in both the House and Senate, appropriations bills must also be approved by the full House and Senate before being signed by the president to become law.
Slide6How does the U.S. spend money?
Types of spending
Mandatory Spending:
Largest portion of spending not determined yearly
EX: Social Security, Medicare, Medicaid
Discretionary Spending:
Decided by Congress yearly through appropriations process
EX: National defense, education, science, technology
Slide7How does the government pay for things?
Taxes
–
spend what you have
More of a traditional conservative idea
Smaller government with less programs
Borrowing money
–
deficit spending
Typically more of a liberal idea
Provide more services to individuals
Both
parties in recent years have deficit spent
Slide8Slide9What are the types of taxes?
Individual Income Tax:
Largest Source of Revenue
Corporate Income Tax:
Corporate tax on net income
Social Insurance Tax:
Social Security, Medicare, Unemployment
Excise Tax:
Tax on manufacture, sale or import of goods
Estate (Death):
Taxes on transfer of wealth after person dies
Customs Duties (tariff):
Taxes on good brought into the U.S.
Slide10Slide11Slide12Slide13Slide14Slide15Why does the government
borrow money?
Meet costs of crisis
War
Natural disasters
Economic crisis
Finance large projects
Pay for deficit financing
– spend more than income
Entitlement programs (Social Security)
Health Care reform
Slide16Slide17Slide18Slide19Complete your taxes!
Get with your groups from last class – push desks together so you look like you’re in a group!
File your taxes!
1040EZ Instruction (google!)
1040EZ Form
Tax Scenario worksheet
What was challenging/easy about filing your taxes?
What is your overall impression of doing taxes?