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TAXES & TAXATIONEssential Question:
How do policy-makers use fiscal and monetary policy to stabilize
the economy?
“In this world nothing can be said to be certain, except death and taxes.”
Benjamin Franklin
What are taxes? Taxes are mandatory payments to
the government. A government’s revenue—source
of income.
In the U.S., taxes are levied at the local, state, and federal levels.
Why are taxes levied?
To fund public goods and services…
Why are taxes levied?
To pay for infrastructure…
Why are taxes levied?
To promote social and economic goals…
What types of taxes are there?
Individual Income Taxes Tax levied on personal income
earned from wages and investments.
What types of taxes are there?
Corporate Income Taxes Tax levied on a company’s profits.
What types of taxes are there?
Payroll Taxes Taxes deducted directly from an
employee’s paycheck. The two largest-Social Security &
Medicare.
What types of taxes are there?
Excise and Luxury Taxes Taxes on sales of certain goods,
services, and high-priced luxury goods.
What types of taxes are there?
Property Taxes Taxes levied on the value of real
property (homes, land, car, boat, etc.)
What types of taxes are there?
Sales Taxes Taxes on the sale of goods paid for
by the consumer at the time of purchase.
What types of taxes are there?
User Fees & Tolls Taxes charged for the use of public
facilities/services, and for permits/licenses.
What types of taxes are there?
Estate and Inheritance Tax Taxes levied on some or all of a
person’s estate (property and possessions) left behind when they die.
TAXES BINGO
Tax BingoFill your bingo board with each tax type in random order. NO REPEATS
Put a check or X in each box that you think the example is describing.
Across, down, or diagonal wins!
When Jenny’s father died, the Commonwealth of Virginia sent her a tax bill for $15,750. As
executor of her father’s estate, she paid the bill after selling
his house, car, and boat. What type of tax did Jenny pay?
Tax Bingo
Joe is looking at buying a personal water craft (SeeDoo) to use at his
lake house. He sees one for a good price but realizes that he
would have to pay an annual tax of $1,200 to the City of Virginia Beach Tax Assessor if he buys it. What type of tax would Joe have
to pay?
Tax Bingo
The type of tax that includes Medicare tax
and Social Security Tax…
Tax Bingo
The tax you pay when you fill up your
car with gas…
Tax Bingo
Tax BingoWhat tax type is illustrated in this receipt?
Every year, Mr. and Mrs. Jones collect their W-2 income forms, 1099 investment income forms, and expense receipts, and meet with their accountant to file the forms necessary to pay (or get a refund for overpaying) this type of tax.
Tax Bingo
Tax BingoHelen and her family planned a trip to the Grand Canyon (after the government reopened following the shutdown ). To get in they must pay the National Parks Service $25 for a one-day family pass. This is an example of this type of tax…
Bob’s Sporting Goods pays an accountant to
handle their books. This person must pay this type of tax for Bob
quarterly…
Tax Bingo
Thanks to workers having this tax taken from their
paycheck, Mrs. Adams and Mrs. Dossett will have
money for retirement (but it may not be there for you
guys…sorry )
Tax Bingo
George’s grandfather set aside $120,000 to help
him pay for college. When George received
this gift, he was shocked to have to pay 4.5% to
the government in taxes.
Tax Bingo
This tax is 5% in Virginia,but can be higher when a city, town, or county adds
theirs to the bill…
Tax Bingo
Hannah got a car for her 16th birthday. The deal with
her parent was that they would pay for the car, but she had to maintain it and pay for the registration. What kind of tax is this?
Tax Bingo
When Kanye West bought Kim Kardashian’s 15 (yes,
I said 15!!!) carat engagement ring, the
state of California collected this tax from
him too!
Tax Bingo
Jay-Z and Beyoncé’s accountant handles all their finances, including their taxes. Every year,
they must pay this tax on their 150 ft. yacht “Baby
Blue.”
Tax Bingo
VOCAB BINGO
Fill your bingo board with terms from the list on the next slide. NO REPEATS
Put a check or X in each box that you think the example is describing.
Across, down, or diagonal wins!
Vocab Bingo
Income redistribution MergerEconomic mobility DeregulationEminent domain Regulatory agencyBid rigging Property rightsGross Domestic Product Per capita GDPConsumer Price Index Inflation rateRecession InflationPoverty rate Price fixingEconomic stimulus Business cycleExpansionary ContractionaryEasy-money Tight-moneyPeak DepressionTrough Crowding-out
Vocab Bingo