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General Tax Info
Levels of Government
Types of Tax
Tax Life Cycle
Gates Tax
100
What do we call a charge imposed on citizens to fund social goods and services?
A Tax!
100
How many main levels of government do we have in the United States?
3!
100
How many major types of tax do we have in the United States?
3 major! There are also plenty of other taxes that are specific to certain areas or to the economic activity of the region.
100
Who are the three main components of the tax life cycle?
Individuals, Businesses, and Government!
100
How many professionals work in the tax department here in Denver?

10!



200
Who charges and collects taxes?
The government!
200
What are the three levels of government in the U.S.?
Federal, state, and local!
200
What are the three major taxes?
Income tax, Sales tax, and Property tax!
200
Who is responsible for collecting the taxes in the life cycle?
The Government!
200
Does Gates file more than one tax return in the United States?
Yes! In addition to our federal return, we must prepare state and local tax returns in the places we do business.
300
Who pays more in taxes, people with low incomes or people with higher incomes?
People with higher incomes! Because they have greater financial resources, wealthy individuals are expected to carry a higher proportion of the tax burden.
300
Denver is an example of what level of government?
Local government!
300
What type of tax is charged on a person's salary?
Income tax!
300
Who employs individuals and pays them salaries for their labor?
Businesses!
300
How long does it take Gates to prepare our federal return?
About 9 months! Tell me again how your homework takes forever...  :)
400

What is an example of an expense that would not be paid for with taxes?

A) Funding a public school

B) Maintaining a library

C) A private business paying an employee

The answer is C! Private businesses pay their employees themselves directly from their own available funds. Public services like schools and libraries are paid for with tax revenue.
400

What level of government would be responsible for budgeting/spending for the military?

The Federal government! The armed forces that keep us safe benefit everyone and thus fall under the branch of government tasked with items that affect everybody that live in the United States.
400
What type of tax do you pay when you go to the register and buy a new pair of shoes?
Sales tax!
400
Other than working as employees, how do individuals contribute to businesses in the tax life cycle?
They buy goods and services!
400
What foreign country did Gates pay the most tax in this year?
Mexico! (9.0M)!
500

Who pays taxes?

A) Only Individuals

B) Only Businesses

C) Individuals AND Businesses

C! Both individuals and businesses must pay taxes.
500
What level of government is in charge of collecting tax specific to its own county?
Local government!
500
 What type of tax do citizens pay based on the values of their homes and cars?
Property tax!
500

What is one of the main goals of the tax life cycle?

A) Make sure that rich people pay the most taxes

B) Ensure refunds at the end of the year

C) Meet the basic need of all citizens

C!
500

What is one of the jobs of the Gates tax department?

A) Hide income we earn so we don't have to pay taxes on it

B) Pay more taxes than require so we can feel good about our contribution

C) Pay the least amount of tax according to the rules and make sure all payments are made

C!

We want to do our fair share, but we also want to make sure our employees have jobs and can pay their taxes too!