PACS: Taxes

Taxes

Mrs. Galvan- PACS

Taxes

• Income Tax - deduction from employee's paycheck

• Sales Tax - taxes when you pay for goods and services

• Sales Tax - taxes when you pay for goods and services

• Payroll Tax - withheld and paid by your employer/boss/company

Multiple Choice

Which of the following is an example of a service provided by the federal government?

• cable and satellite service

• mom and pop restaurant

• interstate highway

• the internet

What are taxes?

• A tax is a mandatory fee imposed by the government or other similar organization. The federal government charges an income tax. When people work, they earn an income that helps pay for things like their homes, food, and clothes. Most employees are paid with paper or electronic paychecks; sometimes, the income tax is automatically deducted out of each paycheck.

• Most employees are paid with paper or electronic paychecks; sometimes, the income tax is automatically deducted out of each paycheck.

• If you've ever noticed that the price of something you buy at a store upon checkout is higher than the listed price, then you've just witnessed a sales tax that your state charges.

Multiple Choice

Which of these people depends on tax money to pay his salary?

• a bank teller

• President of Apple Computers

• professional athlete

• the mayor of your town

What is tax day?

So every year, working people must file their taxes by a deadline we call Tax Day, which is almost always on April 15. They find out if they must make a payment to the Internal Revenue Service (the IRS, the government agency that collects taxes and enforces tax laws) or if they qualify for a tax return, which refunds some of the money collected from paychecks throughout the year.

Multiple Choice

When is tax day?

• January 1st

• April 15th

• August 15th

• November 1st

Why do we need income taxes? 

Income taxes help pay for the services that the government provides and supports, such as education, healthcare, and the military. People disagree on how much money goes to each department of the government. For this reason, taxes are one of the most controversial topics in politics today.

Multiple Choice

What might happen if the government abolished the social security tax?

• People with jobs could afford to retire

• the government would not be able to pay their employees

• new roads and bridges would be on hold

• retired people would lose valuable income

Multiple Choice

If sales tax is 10 percent, and a new pair of sneakers costs $70, how much do you actually have to pay?

• $70

• $75

• $77

• $80