Show:
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 salary 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?

1) Funding a public school

2) Maintaining a library

3) A private business paying an employee

The answer is 3! 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
How do individuals contribute to businesses other than providing their labor?
Individuals buy goods and services from the business!
400
What foreign country did Gates pay the most tax in this year?
Mexico! (9.0M)!
500
What do we call it when the government spends more money than it collects in taxes?
A deficit! The U.S. could use a lesson on how to lower its own tax deficit.
500
What level of government is in charge of ensuring that its parks and public spaces are clean and well maintained?
Local government!
500
 What type of tax do citizens pay based on the values of their homes and cars?
Property tax!
500
What is the goal of the tax life cycle?
Create balance and meet the basic needs of all citizens!
500

What is the job of the Gates tax department?

Hint: We have two major goals we're attempting to accomplish

1) Ensure we pay the amount of tax the rules lay out

2) Pay no more than the minimum required.

Gates is a business that recognizes its responsibility to carry our fair share of the tax burden, but we must also ensure the health of the business so that we can continue bringing products to customers and our professionals continue earning salaries so they can pay their taxes as well!