Tax Systems Around The World
The Top Five Countries That Have The Highest GDP (Gross Domestic Product) In The World (As of December 2024).
What is...The United States, China, Germany, Japan, and India!
Marginal tax rates are...?
What is...the percentage of tax applied to each extra dollar of income as a taxpayer moves through different tax brackets.
The day most people file their taxes.
What is...April 15th, Tax Day?
Washington's Combined State and Local Sales Tax Rate
What is...9.38%?
(When It Comes To Purely State, It's 6.5%)
Which Continent Has The Most Countries Featured In The Top 15 Highest GDPs as of December 2024?
What is Europe, With 7 of 15?
Define the Progressive, Proportional, and Regressive Tax Systems.
What are...
Progressive tax—A tax that takes a larger percentage of income from high-income groups than from low-income groups.
Proportional tax—A tax that takes the same percentage of income from all income groups.
Regressive tax—A tax that takes a larger percentage of income from low-income groups than from high-income groups.
Describe the relationship between income levels and marginal tax rates.
What Is...as income increases, you move into higher tax brackets.
Besides Tax Day, There Are Three Important Other Tax Dates...
What Are...
January 27th - First day you can submit tax returns for the previous year, although you likely will not have received necessary documents to file, such as your W-2.
January 31st - Deadline for employers to mail W-2s to their employees (either by paper or electronically).
October 31st - Deadline for filing income tax returns that have received extensions.
In the US, 45 states and Washington D.C. collect sales tax. Local sales tax, however is collected in ____ states.
What is 38 states?
The Reason You Might Not Receive a 1099 (This Was IN-CLASS)
What is you didn't receive more than $600 as payment from your employer?
Two public services that benefit from high tax revenue from the government.
What is...Schools and health-care systems?
Governments typically use tax revenue to fund public services that accelerate economic and social development, such as schools and health-care systems.
Name The Difference with the Income of the Two Tax Filing Statuses.
What Is...Joint Statements Income Are About Two Times More Than Individual Statements?
Example: When the tax rate is 10%, that means income for single statements can be up to $11,600 while joint statements can be up to $23,200.
Tax credits are generally considered better than tax deductions because...
What is...Tax credits directly reduce the amount of tax you owe. The effect of a tax deduction on your tax liability depends on your marginal tax bracket.
The Severity of Two Factors Shape Different Taxing Across Each US State.
What is Budgetary and Economic Needs?
Which Continent is Closest to the Five Countries With The Lowest GDP In The World (As of December 2024)?
Australia
(The bottom five are all Pacific island nations: Tuvalu, Marshall Islands, Kiribati, Palau, and Micronesia)
Economic Growth Is Dependent on These in Places with Lower Taxes.
What Is...Investment and Consumer Spending?
Something the US economy is very dependent on, by the way.
A single person and married couple have the same income of $95,000. The tax rate they fall into is...
What is...22%?
Name Every Filing Status You Can File For Your Taxes.
What is...Single, Married Filing Jointly, (or) Separately, Head of Household, Qualified Surviving Spouse!
The Difference Between the Adjusted Value of a $100 product in California vs. New York (Hint: It's smaller than you think!)
What is $0.08?
(Cali's is $88.42, NY is $88.50)
Combining Income, Sales, & Property Taxes, These Five States Have The Highest Tax Burden Percentage In The US.
What Is Hawaii (13.9%), New York (13.6%), Vermont (11.5%), California (11%), and Maine (10.6%)?
Tax-to-GDP ratios compare countries' tax revenue to the size of its economy, which is measured by its GDP. Using these ratios give a better idea of a tax system than measuring how much tax revenue they collect because...?
What Is...Just looking at the tax revenue won't give you the ratio that tells you the proportion of money that goes to the government?
(By the way, if managed effectively, this ratio can support the long-term health and prosperity of an economy.)
Use math for this! You are filing a joint statement and have a gross income of $250,000. How much do you lose after paying taxes (In Washington)?
What is...$46,085 (which leaves you with $203,915).
This Tax Form Can Be Used By Anyone And Is Completed In April...But There Is A LOT To Fill Out.
What Is a 1040 Form?
The Top Five States With The LOWEST Costs of Living.
What Are...Arkansas, Mississippi, Alabama, South Dakota, and Iowa!
The Average Household's Average Annual Income After Taxes In 2022.
What is...$87,869?