Lead off 3/9 Read page 243 and answer the two questions.

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Presentation transcript:

Lead off 3/9 Read page 243 and answer the two questions

Federal Taxes Chapter 9 Section 2

I. Personal Income Taxes Allowed due to the _____________________ Major source of federal revenue A.Payroll Deductions 1.Employers deduct from each check and send it to the government (withholding) 2.____________________(IRS) collects the money 3.Tax return (Form 1040) is filed each year (due April 15 th ) More withheld than owed = _________________ More owed than withheld = _________________

I. Personal Income Taxes B.Progressive 1.Higher incomes pay a higher ___________________ 2.Higher rate is applied to amount over the lower tax bracket’s threshold (see page 233) 3.Extremely ______________________ Many loopholes Many opportunities for deduction Allows for politicization C.Other issues 1.Self employed – self employed do not have deductions 2._________________– taxes on income from the sale of property is taxed at a different rate than wages (can lead to misleading political messages)

II. FICA Taxes Federal Insurance Contributions Act Paid by employers and employees (self employed pay more) Also called __________________________ A.Social Security 1.Disability, orphans, widows, and pensions 2.Proportional but capped (regressive after the cap) B.___________________________ 1.Elderly medical care 2.proportional

III. Other Federal Taxes A.______________________________ 1.Corporations pay a percentage of their profits 2.Separate from income tax paid by owners 3.Progressive 4.Many loopholes B.Excise Taxes 1.Taxes on the sale of certain products or services 2.Regressive 3.Examples: luxury taxes, “sin” taxes, gas tax

III. Other Federal Taxes C.Estate and gift taxes 1.Taxes on ___________________________ 2.Enacted to redistribute wealth (take from rich to fund programs for the poor) 3.Gift tax enacted to keep wealthy from “giving away” property before death D.Customs duties – taxes on imported goods E.User fees 1.money paid to use government services 2.Examples: _______________________________