Lesson 5.1 Tax Basics February 28, 2011Copyright © 2007-2011 … REMTECH, inc … All Rights Reserved1 Introduction Just about everyone dislikes having to.

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Presentation transcript:

Lesson 5.1 Tax Basics February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved1 Introduction Just about everyone dislikes having to pay taxes, but taxes are an integral part of living in the United States Most people do not question the necessity of taxes, but they do question the amount of taxes they must pay and the complexity of the process of collecting taxes The average individual will pay about ¼ to ½ of the money they earn each year in taxes Understanding taxes is your best defense against paying more taxes than you have to

Lesson 5.1 Tax Basics February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved2 Objectives Discuss why individuals are required to pay taxes You should be able to do the following after completing this lesson Summarize who is responsible for collecting income taxes Review what Social Security and Medicare taxes are used for Describe how sales taxes work and how the rate is determined Explain who can levy taxes Identify what federal, state and local taxes are used for Explain how property taxes work and who levies them Review how hidden taxes are different from sales taxes Define the important tax terms

Lesson 5.1 Tax Basics February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – What are Taxes? What taxes are and why we pay them In this section, you will learn: Who can levy taxes Where the money goes after it is collected Federal Spending Example How the federal, state and local governments spend taxes You will run the following Interactive Example

Lesson 5.1 Tax Basics February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – All Kinds of Taxes Why the term ‘taxes’ is considered to be a generic term In this section, you will learn: Common examples of taxes you will pay in the future The four major categories most taxes can be placed in Why in the future you will pay taxes that don’t exist today

Lesson 5.1 Tax Basics February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Income Taxes What income taxes are and who can levy and collect them In this section, you will learn: What income taxes are based on Who must pay federal income taxes How many states do not collect income taxes Who can collect local income taxes The definition of income and how income is categorized Why Social Security/Medicare taxes are considered income taxes

Lesson 5.1 Tax Basics February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Sales Taxes What sales taxes are In this section, you will learn: When sales taxes are collected and who collects them Which levels of government can levy sales taxes How sales taxes are calculated Who collects the sales taxes and what they do with them

Lesson 5.1 Tax Basics February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Property Taxes What property taxes are In this section, you will learn: What items you must pay property taxes on What determines the amount of property taxes you must pay What happens when the value of your home increases Property Taxes Exercise You will run the following Interactive Exercise What property taxes are based on

Lesson 5.1 Tax Basics February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Hidden Taxes What hidden taxes are In this section, you will learn: Why most people are unaware they are paying hidden taxes Common examples of when you are paying hidden taxes Why hidden taxes don’t affect everyone What can be done with the money collected from hidden taxes Why hidden taxes are narrower in scope than sales taxes

Lesson 5.1 Tax Basics February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved9 Discussion Questions Do you think it is wise for the federal government to spend more money than they collect in taxes? If you were in charge of government spending, where would you spend less so that you did not spend more than you had coming in?