taxes and salary why take money away from my hard earned paycheck?

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  • Slide 1
  • Taxes and Salary Why take money away from my hard earned paycheck?
  • Slide 2
  • UEQ and LEQ UEQ: How can JA Finance Park teach you about the drastic impacts that taxes can have on different parts of your life? LEQ: How can taxes benefit society, while at the same time be a burden for taxpayers?
  • Slide 3
  • Vocabulary Tax Tax Types (Income, Retirement, Sales, Inheritance, State, Federal) IRS Audit Refund
  • Slide 4
  • Think/Pair/Share Read the following statements/questions, think about them for a minute and pair up with a partner to come up with answers for them. Write answers down, so you have them! Define Tax. Who Pays Taxes? Why Pay Taxes? What is Tax Money used for?
  • Slide 5
  • Highlight/Pair/Share With your same think/pair/share buddy, read over the handout What Are Taxes, and Why Do They Exist? Highlight information in the short reading to answer the title, What Are Taxes and Why Do They Exist. On the back of the sheet, with your partner, summarize in a paragraph what you read and highlighted. Discussion in class of reading.
  • Slide 6
  • Taxes: The Low Down Taxes Money collected to pay local, state, and national government bills.
  • Slide 7
  • Who Pays Taxes??? Citizens DO!!! Almost Everyone Workers, shoppers, homeowners
  • Slide 8
  • Paying Taxes Constant invisible activity. Taxes are added in and you dont realize it. Examples: Tax on clothing, food, bills Taken out of your pay. Income Tax taken out of your pay and given to the IRS (Internal Revenue Service) April 15 th, the day everyone loves to hate.
  • Slide 9
  • Paying Taxes
  • Slide 10
  • Taxs Affect on You Additional costs on everything. Food, clothing, entertainment, gas Annual Salary is worth much less. Repossession for not paying taxes. Tax Collector Comes Knocking Tax Collector Comes Knocking Not paying or cheating on taxes can lead to an audit. Homer Vs. The IRS Homer Vs. The IRS
  • Slide 11
  • Tax Affect
  • Slide 12
  • Group Activity If someone was to give you a list of items and taxes on those items, could you figure out which taxes on items are real and which ones are fake? Pair up and find out Using the Real and Fake handouts and the Price We Pay Cards, figure out with your group members, which taxes are real and which taxes are fake, place the tax card under the appropriate paper On page 41, mark next to each tax, if your group thinks its real or fake.
  • Slide 13
  • Blueberry Tax
  • Slide 14
  • Fur Clothing Tax
  • Slide 15
  • Soda Tax
  • Slide 16
  • Playing Card Tax
  • Slide 17
  • Amusement Tax
  • Slide 18
  • Sparkler/Firework Tax
  • Slide 19
  • Jock Tax
  • Slide 20
  • The Truth ALL are Taxes!!!
  • Slide 21
  • CNN Money Homework How can the IRS and U.S. Government help save people from difficult times and trouble paying taxes/bills? Read over Your Share of Stimulus Tax Breaks to find out. Answer the questions associated with the article at the bottom of the article.
  • Slide 22
  • Where Does The Money Go??? Can you figure out where the money goes??? First: Cut out the tax cards. Second: With your group members, determine whether each program shown on the cards is a national government run program, or, a state government. Third: As you and your group decide separate the cards into three piles and fill in the two columned graphic organizer.
  • Slide 23
  • Types of Taxes Three Main Types: Income (Payroll) tax Sales Tax Property Tax All three are paid so the government has money to run different programs.
  • Slide 24
  • Sales Tax
  • Slide 25
  • Income Tax Whats the Message?
  • Slide 26
  • Property Tax What is the Message???
  • Slide 27
  • Figuring Out Sales Tax
  • Slide 28
  • GMI: Gross Monthly Income
  • Slide 29
  • How to Figure Out GMI