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Jeopardy Tax TypesPayroll TaxDifferences Key Terms Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Double Jeopardy Pay Stub
$100 Question H1 Depending on which state you’re in, you may come across this type of tax when you buy something.
$100 Answer H1 Sales Tax
$200 Question H1 This type of tax is the main source of money for local public schools
$200 Answer H1 Property Tax
$300 Question H1 With this type of tax, everyone, regardless of income, pays the same dollar amount
$300 Answer H1 Regressive
$400 Question H1 This type of tax takes a larger percentage of income from high- income groups than from low-income groups. It is based on the concept of ability to pay.
$400 Answer H1 Progressive Tax
$500 Question H1 With this type of tax, each individual pays a fixed rate.
$500 Answer H1 Proportional Tax
$100 Question H2 Payroll taxes include these two types of taxes
$100 Answer H2 Social Security Tax and Medicare Tax
$200 Question H2 Social Security tax is also known as…
$200 Answer H2 FICA tax
$300 Question H2 The percentage of social security taken out of each of your paychecks is…
$300 Answer H2 6.2%
$400 Question H2 What percentage of Medicare tax rate is taken out of each paycheck?
$400 Answer H2 1.45%
$500 Question H2 What does social security tax provide?
$500 Answer H2 Retirement Benefits People dependent on retired workers Disabled and their dependents
$100 Question H3 What is the difference between income and taxable income?
$100 Answer H3 Income is how much you make. Taxable income is the amount you made that is being taxed on.
$200 Question H3 What is the difference between a W-2 and a W-4?
$200 Answer H3 W-2: For you. Your employer gives you this explaining how much you made in the year. W-4: For employer. Tells the employer how much to withhold from you paycheck to pay taxes
$300 Question H3 What is the difference between a standard deduction and an itemized deduction?
$300 Answer H3 Standard Deduction: Set amount taxpayers may deduct from their income. Itemized Deduction: Taxpayers choose from a list of things they can deduct from their taxes.
$400 Question H3 Making work pay credit is new to taxes this year. What is the difference with this credit when comparing people who can be claimed, and those who can’t be claimed?
$400 Answer H3 Can be = Don’t get the credit Can’t be = $400 credit
$500 Question H3 What is the difference between a deduction and a credit?
$500 Answer H3 Deduction: Takes away from your taxable income Credit: Directly reduces your tax payment
$100 Question H4 What is Gross income?
$100 Answer H4 Income before taxes
$200 Question H4 What does YTD stand for?
$200 Answer H4 Year-to-date
$300 Question H4 What is your net pay?
$300 Answer H4 Your income after taxes have been taken out
$400 Question H4 What type of tax is the largest amount taken out of your paycheck?
$400 Answer H4 Federal Tax
$500 Question H4 What are the 4 most common taxes taken out of your paycheck?
$500 Answer H4 Federal State Social Security Medicare
$100 Question from H5 Define Voluntary Compliance
$100 Answer from H5 This means that taxpayers are responsible for declaring all of their income, calculating their tax liability correctly, and filing a tax return on time.
$200 Question from H5 Define Unearned Income
$200 Answer from H5 Income from investments rather than from working
$300 Question from H5 Define Dependent
$300 Answer from H5 Someone who relies on another person for support.
$400 Question from H5 Define exemption
$400 Answer from H5 A fixed amount of money that is excused from taxes.
$500 Question from H5 Define Adjusted Gross Income
$500 Answer from H5 Is Gross income minus specific deductions…like IRA contributions, student loan interest, etc…
Daily Double Social Security
Daily Double Explain the problem with Social Security
Double Jeopardy Answer Mr. Padon will decide if it’s right or wrong
Take Charge. Ability To Pay – a concept of tax fairness that people with different amounts of wealth or different amounts of income should pay taxes.
Taxes and Your Paycheck Career and Financial Management 2.
We Need Taxes For….. National Defense Police and fire protection Health services Public Education Water, gas and electric systems Environmental protection…
Taxes Gov’tForms Deductions.
Taxes. 5.1 – Taxes and Your Paycheck Payroll taxes Based on earnings Paid to government by you and employer Income taxes You pay on income you receive.
Where Did My Paycheck Go? Understanding Income, Paychecks & Taxes.
Chapter 5 Taxes. Payroll Taxes ◦ Largest part of government revenue ◦ Based on employee total earnings ◦ Paid by you and your employer ◦ Include income.
Chapter 6 Understanding Taxes Philosophies of Taxation –Benefits received Citizens who receive benefits of expenditure should help pay the cost Example:
TRUE or FALSE? Taxes and other deductions are items subtracted from a worker’s gross pay to calculate net pay…
Tax Unit ObjectiveTax Unit Objective: Learn how the government taxes the US worker, what types of taxes there are and how to fill out a tax form Targets:
TAXES!!!. Introduction It has been proven that year olds are historically the most likely age group to forfeit their tax refund by not filing a.
Journal 3/6 Why does the government take out taxes? List 5 things taxes pay for? 1.
Income Taxes for Individuals Calculated as a percent of your taxable income Taxable Income = Gross Pay - Pre-Tax Deductions (examples: retirement plan.
G Personal Finance G Almost 31% of an individual’s paycheck is deducted Taxes are the largest expense most individuals will have
Chapter 14: Taxes and Government Spending Section 2.
Taxes. Taxes and Your Paycheck Payroll taxes Payroll taxes Based on earnings Based on earnings Paid to government by you and employer Paid to government.
Taxes. The Federal Government Dollar – Where it Comes From.
Explorations in Economics Alan B. Krueger & David A. Anderson.
Tax Unit Study Guide for YTP 12 Semester 2 Final Exam.
© 2010 South-Western, Cengage Learning SLIDE 1 Chapter 7 Do Now9/26/13 & 9/27/13 Work with your neighbor and create a list of ways people accumulate earned.
Where did all that money go?. Objectives: ◦ Understand payroll taxes and withholdings. ◦ Be able to analyze a paycheck stub and W-4.
Understanding your Paycheck. What information in on a pay stub? Gross wages- how much you earn before taxes and other deductions Net wages- amount left.
THIS IS With Host... Your Column A AColumn B BColumn C CColumn D DColumn E EColumn F.
GETTING PAID WHERE DOES MY MONEY GO?. PAY CHECK DEDUCTIONS Deductions Video What is the difference between gross and net income? What are state taxes.
Taxes & Spending Payroll Deductions 4.01 – Explain taxes on income.
Money paid by people and businesses Money paid to local, state and federal government Everyone! Has to pay taxes.
Chapter 3 Income and Taxes INCOME Section 3.1 Permission granted to reproduce for educational use only.© Goodheart-Willcox Co., Inc. Identify different.
HOW MUCH OF YOUR INCOME WILL YOU KEEP? TAXES. PAYROLL TAXES The federal government receives the largest part of its revenue from payroll taxes. Placed.
PAYDAY! “Nothing is certain but death and taxes.” -Benjamin Franklin.
LESSON KNOW YOUR DOUGH. JOHN A. DOUGH’S PAY STUB Handout- Example Paystub How much income was earned during his 1 st pay period? Hours Worked x Hourly.
What Happened To My Paycheck? TAXES. Taxes Social Security – Benefits of retired workers or disabled and dependents Medicare Tax – provide medical benefits.
Proportional Tax- A tax for which the % of income paid in taxes remains the same for all income levels Also called a flat tax, everyone pays the same.
Completing the 1040EZ 1040 EZ vs A Day 3. Read the Tax Process article In your notebook: What is the maximum income you can earn in order to complete.
Section 2Payroll Deductions What You’ll Learn Why deductions are calculated and reported. How to calculate deductions required by the federal government.
Tax Forms & Deductions. Net Income vs. Gross Income Gross income is the total amount a worker is paid before any required or voluntary deductions are.
Paying Taxes CHAPTER 6. Learning Objectives 1. Describe the basic principles of taxation and the major categories of taxes 2. Explain payroll taxes 3.
Income and Taxes Lawns R Oklahoma State Department of Education.
Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.
CHAPTER 9 Withholding, Estimated Payments & Payroll Taxes Income Tax Fundamentals 2011 Gerald E. Whittenburg Martha Altus-Buller Student’s Copy 2011 Cengage.
ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 5 WHAT’S AHEAD 5.1Taxes and Your Paycheck 5.2File a Tax Return 5.3Taxes and Government 5.4Government Spending.
Taxes. Major items where are taxes are used Local TaxSchools, Public Works, Parks, Police, Fire, Local Roads State TaxHealthcare, State Highways, Education.
Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.
Paying Taxes Essential Question: Why is paying taxes important and how does it affect an individual’s financial plan? Chapter 6.
NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. Budget.
Taxes & Spending Payroll Deductions 4.01 B – Explain taxes on income.
Chapter 2 Net Pay. 2.1 Deductions from Gross Pay.
Chapter 23 Taxes and Social SecuritySucceeding in the the World of Work 23.1 All About Taxes SECTION OPENER / CLOSER INSERT BOOK COVER ART Section 23.1.
Concepts 1Concepts 2 Name That Externality Misc Tax Terms & Graphs
TAXES AND SPENDING Obj. 4.01: Explain taxes on income.
Taxes Grab a card and don’t show anyone. Are you going to cooperate with voluntary compliance? Each card represents a part of your income. Each card represents.
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