History
Where did they find the earliest evidence of taxes?
Ancient Egypt.
What do taxes help pay for in society?
Public services
What tax do we pay when buying things at a store?
Sales Tax.
What are the 3 Standard Deductions
Single, Married / Filing Jointly, Head of Household
What were pharaohs?
Supreme Monarchs of Ancient Egypt
What did Pharaohs take as payment when taxing people?
Grain and Livestock.
What happens when the government spends more money than it collects?
It borrows money to cover the deficit.
What tax do we pay when we earn money from working?
Income Tax.
What is the Standard Deduction for Married/Filing Jointly?
$31,500
What is the standard deduction for single in 2016
6,300
How much money was lost during the Boston Tea Party?
1.7 million dollars.
What are three examples of a public service funded by taxes?
Financial Aid, Public Education, Public Transportation, Emergency Services, Health Care
What does Payroll tax consist of?
Social Security and Medicare.
What are 3 things that qualify you as Head of Household?
Having dependents
Paying more than 50% of the expenses
being unmarried or considered unmarried for a year.
Difference between Tax Evasion and Tax Avoidance
Tax Evasion: Failure to pay legally due taxes
Tax Avoidance: Legal means of decreasing your tax bill.
How many chests full of tea were dumped into the Boston Harbor?
342 Chests.
What is one consequence if governments did not collect enough taxes?
Public services and programs could lose funding or shut down.
What is Social Security and Medicare for?
Social Security helps with Retirement while Medicare pays for health care services for people who are elderly or have certain disabilities.
State and Local Tax
What are the four deductions in "Other"?
Health Savings Account
Retirement Plans or 401K
Student Loan Interests
Self Employment
Why did the colonists protest against the British? (What was the Act called)
The British Parliament’s Tea Act of 1773
Personal income taxes are based on individual earnings, while payroll taxes specifically fund programs like Social Security and Medicare.
What example was put for "Capital Gains Tax"?
Stocks and Property.
How many deductions were listed down?
there are a total of 12 deductions
Jordan earned 48,000 in a year. The standard deduction is 14,600. What is Jordan's taxable income?
$48,000 - $14,600 = $33,400 Taxable Income