PPT-Overview of Taxes Unit 1

Pre course questionnaire Please complete the pre course questionnaire via the following link httpswwwsurveymonkeycomrPVPCQLW 2 Learning Intentions At the end of the unit I will be able to. Three Types of Taxes. Progressive Tax. Regressive Tax. Proportional Tax. Progressive Tax. A progressive tax is a tax for which the percentage of income paid in taxes increases as income increases.. Our Federal Taxes System is Progressive. Introduction. It has been proven that 18-25 year olds are historically the most likely age group to forfeit their tax refund by not filing a tax return.. What does this mean?. They paid MORE taxes than they needed to and didn’t file to get their money back.. “I want to find out who this FICA guy is and how come he’s taking so much of my money.” . -- Nick Kypreos . Chapter 10. . 10-. 2. LO # 1 Payroll and Form 1040. Withholding taxes are imposed on taxpayers to help fund government operations using a “pay as you go” system. and . budget. To . tax. (from the . latin. . taxare. ) is to impose a financial charge or other levy upon a . taxpayer. (an individual or legal entity) by a state or the functional equivalent of a state.. Consumer Math Class. East Jackson High School. 2016. Module 1: . Payroll Taxes and Federal Income Tax Withholding. Introduction. Payroll taxes. include the Social Security tax and the Medicare tax.. Doug Walker. College of Charleston. 85. th. Annual Meetings, Southern Economic Association. Session on . Taxing More Choice. 21 November 2015. Background. Lottery. First modern lottery in NH, 1964. Now all but 6 states (AL, AK, HI, MS, NV, UT). Objectives. Calculate gross payroll using multiple methods. List and compute withholdings. Compute net pay. Prepare payroll register. Explain distribution methods. Record payroll transactions in the general journal. . Understanding Federal Income Tax Principles. . Internal Revenue Service (IRS). responsible for administration and enforcement of federal tax laws. Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities.. Taxes. Frustration over taxes is what led American colonists to go to war against and declare independence. As citizens of the US, we authorize the government, through the Constitution and our elected representatives in Congress, to raise money in the form of taxes. Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities.. “. Taxes are what we pay for a civilized society.. ”. Justice Oliver Wendell Holmes. “. People want just (or fair) taxes more than they want lower taxes. They want to know that every man is paying his proportionate share according to his wealth.. 1. Learning Intentions. At the end of the unit, I will be able to:. 1. Explain the difference between a Pigouvian tax and a Sin tax. 2. Categorise taxes as either Pigouvian or Sin taxes. 3. Distinguish between direct and indirect taxes. AAE 320 . Paul D. Mitchell. Agricultural & Applied Economics. Learning Goal. Understand from a practical perspective how major types of taxes work for farmers. Taxes Commonly Paid by Farmers. Property (real estate) taxes.