Types
The Types of Tax You Pay on Your House.
Property Tax
True or False:
Your Employer Pays some taxes for you?
True, Social Security & Medicare is split 50/50 with you and your employer
Where do taxes go towards?
Public Entities
- Schools, Roads, Parks, ect.
State and Federal
True or False:
Appointing the head chairmen of the FED is a job for the FED.
False
The tax I pay when I purchase goods or services.
Sales Tax
Federal Sales Tax Rate is...
There is No Federal Sales Tax.
Explain The Purpose of Tax Season. (January - April)
To square up with the government for last year's taxes.
What happens if I only make $10,000in a year?
(How would my income taxes look?)
You would have to pay the first bracket's rate to all $10,000.
True or False:
Setting interest rates is a job for the FED
True
This Tax is Added Tax to Goods Like Alcohol & Tobacco
Sin Tax
Wisconsin Sales Tax Rate is...
5% - 5.5%
Who is in charge of collecting everyone's taxes?
The IRS
Explain the Tax Bracket System.
A system put in place to determine the amount of income tax that a person must pay based on annual income.
What is the role of the Federal Reserve?
To set and enforce monetary policies
Explain Social Security.
A Required Paycheck Deductions to Help Establish a Public Retirement Fund.
Medicare Rate
1.45%
This is the form I fill out to tell the government how much I withheld from each paycheck for taxes.
W-4
What are the first four rates in the Federal Tax Bracket System?
10% > 12% > 22% > 24%
True or False:
Of the 12 federal reserves regional banks, only 2 are functioning currency mints. (Print Money)
True
Explain Medicare.
A Required Paycheck Deduction to Help the Cost of Health Care for Elderly or Disabled.
Social Security Rate
6.20%
This is the form you get annually to complete your taxes, this form tells you how much you made at your job in the last year.
W-2
What is one thing that the Wisconsin Tax Bracket System has the the Federal does not.
A flat fee when entering a new bracket
Within the FED, there is how many Regional Banks are there?
12