Taxes

What are Taxes?

• A Sum of money that the Federal government pays its citizens for good behavior.
• A Sum of Money that the State Mandates its Businesses pay in order to support the cleaning of their parking lot. 
• A Sum of Money that the Federal Government charges its citizens to clean up their messes. 
• A sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services. 

What are three ways you have benefited from taxes today?

• Zoo's, Arena's, and Walmart
• Highway Signs, Highways, and bike reflectors
• Police Officers, Teachers, and the Internet
• Schools, Libraries, and Clean Communities

What is Income Tax?

• Tax on Earned Income
• Tax on Unearned Income
• Tax on Earned and Unearned Income
• Taxes on the Wages you earn from your Employer

What is the Social Security Program?

• A program that helps supplement the high medical costs after retirement. 
• A supplemental retirement program where the government sends a check to a retiree at the Age of 67. (You can begin receiving at 62, however it will be at 70%)
• A benefit program that is taxable by the State Government. 
• A program that sustains and secures 

What is Medicare

• A retirement supplement program
• A VA benefits program
• A program for Low-Income Families
• A medical program for senior citizens

When you combine Medicare and Social Security what Tax do you have?

• FICO
• FICE
• FACE
• FICA

Who primarily uses our tax money?

• Your employer

• The state government

• The Federal government

• Local Businesses

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

Tags

CCSS.6.RP.A.3B

Which of the following is NOT a category in the Federal government's spending?

• Mandatory spending

• Discretionary spending

• Interest on loans issued

• Interest on national debt

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year