Taxes

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10 Questions on Taxes

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Taxes

  1. 1. Taxes There are two certainties in life- death and taxes
  2. 2. Approximately one out of every four people are employed by government-local, state or federal <ul><li>The protection you get, the bridges you drive on, the state universities you attend, the retirement you will experience, the diseases you are protected from, the incredible world class education you receive here at AG-all this costs money and that money comes from taxes. </li></ul>
  3. 3. There are so many. <ul><li>You will match the tax or fee to the description that you read on the slide. </li></ul><ul><li>Some taxes will be used twice. </li></ul>
  4. 4. 1. <ul><li>This pays for police and fire protection, local roads but most of all it pays for your education from kindergarten through to graduation. </li></ul>
  5. 5. 2. <ul><li>This is kind of hidden until you go to buy something . Then it’s like, “Dude, where’d that final price come from?” </li></ul><ul><li>It’s on tires, gas, cigarettes, alcohol and cell phones. </li></ul>
  6. 6. 3. <ul><li>This is mostly charged to the people who use the service or entity. It is paid on the turnpike or it can be levied if you want to go hunting or fishing. </li></ul>
  7. 7. 4. <ul><li>This is a state and federal tax. It’s the big one if you are not retired and it’s used to fund almost everything. On the federal level it’s progressive. </li></ul>
  8. 8. 5. <ul><li>This is a tax that you pay but eventually you will get it back.It is known as the Federal Insurance Contribution Act or FICA. Medicare is another example. </li></ul>
  9. 9. 6. <ul><li>Businesses pay this. It is progressive. </li></ul>
  10. 10. 7. <ul><li>In Pennsylvania you pay 6% on what you buy. In Delaware you pay 0%. It is also known as a VAT (value added) or a consumption tax. </li></ul>
  11. 11. 8. <ul><li>These taxes are generally only paid by the very wealthy. </li></ul><ul><li>It is sometimes referred to by its critics as “the death tax”. </li></ul>
  12. 12. <ul><li>This tax is especially disliked by retired people and farmers. </li></ul>9.
  13. 13. 10. <ul><li>This tax is regressive or flat on the state level. At the federal level it is progressive, meaning the more you make the higher % you pay. It is the big kahuna of taxes. </li></ul>

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