Unit 4 “The only two certain things in life is death and taxes” Ben Franklin Taxes.

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Presentation transcript:

Unit 4 “The only two certain things in life is death and taxes” Ben Franklin Taxes

Why?? Who does it benefit and who is taxed?? What is it?

Taxes Definition - revenue that is collected by the government. Taxes fund the government and many programs Taxes are collected by the federal, state and local government IRS-Internal Revenue Service-is the federal income tax governing body Taxes must be filed by April 15

General Taxing Terms Withholding -amount the company holds and sends to the government Gross Income -amount you make before taxes Net Income -the amount you bring home. Income-money that you earn Allowance-is the amount you deducted based on your amounts you claimed.

Payroll Taxes Federal Income % Money that supports the federal government OASDI -6.2% (FICA, Social Security) Old age-over at least 65 social security Survivors-in case of a death Disability-in case of injury that prevents workers from permanently working again.

Payroll Taxes Medicare -1.45% Insurance for people who are collecting social security State -5% Income for the State of Illinois (varies)

Tax Forms W4’s -are the forms that are filled out upon employment Dependants-are people you can claim as people who you take care of financially Withholding-are the amounts your employer holds from your check based on the dependants you claim

Tax Forms W2’s Are the forms that are given by your employer that are used to file your income taxes-detail how much you earned and paid into takes 1040EZ Are the easiest forms that are used to file your yearly income taxes-no deductions

Special Taxes Sales Taxes Is revenue that is collected per state on each item that is sold Stores collect the tax and send the information and taxes into the state IL rate is 6.25% on retail items Property Taxes Is revenue that is collected per county Is assessed by the value of the home per county assessor

Special Taxes Food Taxes Is revenue that is collected per state on each food item that is sold at a grocery store/convenience Stores collect the tax and send the information and taxes into the state IL rate is 1% on food items Telecommunication Taxes 13% tax rate tax on usage of cell phones