SlideShare a Scribd company logo
Taxes
Sources of Federal Taxes
and How the Government
Uses It
Different Types
of Taxes
2
• Income Tax
- This is where the main revenue of the
federal government comes from
- 46 percent of the projected revenue of
the government for Fiscal Year 2015 is
from income tax
Different Types
of Taxes
3
States that do not levy income tax:
- Alaska
- Florida
- Nevada
- South Dakota
- Texas
- Washington
Different Types
of Taxes
4
• New Hampshire and Tennessee collect
taxes not on wages but on dividend and
interest income
• Sources of income taxes:
- Wages
- Interest, dividends and gains from
investment
- Self-employment
- Property rentals
- Rental of intellectual property
- Gambling winnings or prizes
Different Types
of Taxes
5
• Advantage of income tax: Households
with low incomes will pay less
compared to households that earn
more
• Disadvantage of income tax: Difficult
to evaluate
Different Types
of Taxes
6
• Sales Tax or Consumption Tax
- Based on the expenditures financed
through income
- Example is buying furniture
- Levied only by states, counties and cities
• Advantage of sales tax: Can be tracked
easily
• Disadvantage of sales tax: Affects mostly
those who have the least ability to pay for
it
Different Types
of Taxes
7
• Use Tax
- Imposed on utilities and services
• Advantage of use tax: Can be tracked
easily
• Disadvantage of sales tax: Affects
mostly those who have the least ability
to pay for it
Different Types
of Taxes
8
• Excise Tax
- Regarded as luxury tax
- Collected both by the state and federal
government
- Three percent of projected federal revenue
for Fiscal Year 2015 comes from excise tax
• Advantage of excise tax: Often used to
dissuade the consumption of cigarette and
alcohol
• Disadvantage of excise tax: Affects mostly
those who have the least ability to pay for it
Different Types
of Taxes
9
• Excise taxes are levied on:
- Beer
- Liquor
- Cigarette
- Firearms
- Gasoline
Different Types
of Taxes
10
• Real Estate Tax
- Local government’s primary source of
revenue
- Covers homes, land and business property ad
valorem
• Advantage of real estate tax: Progressive tax
and easy to collect
• Disadvantage of real estate tax: Property
owners tend to pay more if their new
property is not annually reassessed
Different Types
of Taxes
11
• Personal Property Tax
- Imposed by few local governments on
items such as vehicles, appliances and
furniture
• Tolls and Permit
- Charged in order to use public services
such as public parks, highways and
parking lots
Different Types
of Taxes
12
• Estate, Gift and Inheritance Taxes
- Estate tax: levied on an estate
- Inheritance tax: imposed when a
property is transferred after the owner
dies
- Gift tax: exacted on large gifts
• Tariffs
- Imposed in exports and imports
Different Types
of Taxes
13
• Value-Added Tax
- Burdened by consumers
- Added to the cost of manufacturing,
producing and distributing a product or
a material
Government
Expenses
14
• Social Security: 24%
• Health insurance program: 24%
• Defense and international security
assistance: 18%
• Safety net programs: 11%
• Interest on debt: 7%
• Benefits for federal retirees and
veterans: 8%
Government
Expenses
15
• Transportation and infrastructure: 3%
• Education: 2%
• Science and medical research: 2%
• Non-security international: 2%
• Others: 2%
Good fortune is what
happens when
opportunity meets with
planning.
- Thomas Alva Edison
16
BKM Sowan Horan, LLP
15301 Dallas Parkway, Suite 960
Dallas, Texas 75001
Phone: 214-545-3965
Fax: 214-545-3966
www.bkmsh.com
For more information about Sources of Federal Tax and Government Expenses, please visit: http://bit.ly/BKMSH-Sources-of-Federal-Taxes-and-Government-Expenses

More Related Content

What's hot

Should the European Union adopt an internal consistency test?
Should the European Union adopt an internal consistency test?Should the European Union adopt an internal consistency test?
Should the European Union adopt an internal consistency test?
Charles Edward Andrew Lincoln IV, DDC
 
Sage Inspire Tour: Fixed Assets Managing Regulatory Compliance (Canada)
Sage Inspire Tour: Fixed Assets Managing Regulatory Compliance (Canada)Sage Inspire Tour: Fixed Assets Managing Regulatory Compliance (Canada)
Sage Inspire Tour: Fixed Assets Managing Regulatory Compliance (Canada)
Jeremy Ploessel
 
Pe5e chapter 13 v1.0
Pe5e chapter 13 v1.0Pe5e chapter 13 v1.0
Pe5e chapter 13 v1.0ayusup
 
Minimun tax slide share for uploading
Minimun tax slide share for uploadingMinimun tax slide share for uploading
Minimun tax slide share for uploading
Kenya Revenue Authority
 
AFCPE 2018-TCJA Workplace Seminar Presentation
AFCPE 2018-TCJA Workplace Seminar PresentationAFCPE 2018-TCJA Workplace Seminar Presentation
AFCPE 2018-TCJA Workplace Seminar Presentation
Barbara O'Neill
 
Pe5e chapter 10 v1.0
Pe5e chapter 10 v1.0Pe5e chapter 10 v1.0
Pe5e chapter 10 v1.0ayusup
 
Tax and the landlord by Target
Tax and the landlord by TargetTax and the landlord by Target
Tax and the landlord by Target
alison13
 
Introduction toTaxes
Introduction toTaxesIntroduction toTaxes
Introduction toTaxes
Casey Robertson
 
Tax Treaties: A Curse or a Blessing?
Tax Treaties: A Curse or a Blessing?Tax Treaties: A Curse or a Blessing?
Tax Treaties: A Curse or a Blessing?
International Centre for Tax and Development - ICTD
 

What's hot (10)

Should the European Union adopt an internal consistency test?
Should the European Union adopt an internal consistency test?Should the European Union adopt an internal consistency test?
Should the European Union adopt an internal consistency test?
 
Sage Inspire Tour: Fixed Assets Managing Regulatory Compliance (Canada)
Sage Inspire Tour: Fixed Assets Managing Regulatory Compliance (Canada)Sage Inspire Tour: Fixed Assets Managing Regulatory Compliance (Canada)
Sage Inspire Tour: Fixed Assets Managing Regulatory Compliance (Canada)
 
Pe5e chapter 13 v1.0
Pe5e chapter 13 v1.0Pe5e chapter 13 v1.0
Pe5e chapter 13 v1.0
 
Minimun tax slide share for uploading
Minimun tax slide share for uploadingMinimun tax slide share for uploading
Minimun tax slide share for uploading
 
AFCPE 2018-TCJA Workplace Seminar Presentation
AFCPE 2018-TCJA Workplace Seminar PresentationAFCPE 2018-TCJA Workplace Seminar Presentation
AFCPE 2018-TCJA Workplace Seminar Presentation
 
Pe5e chapter 10 v1.0
Pe5e chapter 10 v1.0Pe5e chapter 10 v1.0
Pe5e chapter 10 v1.0
 
Tax and the landlord by Target
Tax and the landlord by TargetTax and the landlord by Target
Tax and the landlord by Target
 
Introduction toTaxes
Introduction toTaxesIntroduction toTaxes
Introduction toTaxes
 
Tax Treaties: A Curse or a Blessing?
Tax Treaties: A Curse or a Blessing?Tax Treaties: A Curse or a Blessing?
Tax Treaties: A Curse or a Blessing?
 
Chap002
Chap002Chap002
Chap002
 

Viewers also liked

Cloud Computing Stats - Security and Recovery
Cloud Computing Stats - Security and RecoveryCloud Computing Stats - Security and Recovery
Cloud Computing Stats - Security and Recovery
RapidScale
 
Reporte Diario Bursátil del 6 de Mayo del 2016
Reporte Diario Bursátil del 6 de Mayo del 2016Reporte Diario Bursátil del 6 de Mayo del 2016
Reporte Diario Bursátil del 6 de Mayo del 2016
Grupo Coril
 
Learning at the Speed of Technology – Why Technology Helps Us Learn Faster
Learning at the Speed of Technology – Why Technology Helps Us Learn FasterLearning at the Speed of Technology – Why Technology Helps Us Learn Faster
Learning at the Speed of Technology – Why Technology Helps Us Learn Faster
Ryan Gunhold
 
Perlでbdd
PerlでbddPerlでbdd
Perlでbdd
dokechin
 
Verkkokirjoittamisen perusvinkit ja some
Verkkokirjoittamisen perusvinkit ja someVerkkokirjoittamisen perusvinkit ja some
Verkkokirjoittamisen perusvinkit ja some
Tia Härkönen
 
Desenvolver equipes de alta performance em tempo de crise - Crescendo
Desenvolver equipes de alta performance em tempo de crise - Crescendo Desenvolver equipes de alta performance em tempo de crise - Crescendo
Desenvolver equipes de alta performance em tempo de crise - Crescendo
Frédéric Donier
 
Dossier de Presse: JetLag, Une fiction en réalité virtuelle
Dossier de Presse: JetLag, Une fiction en réalité virtuelleDossier de Presse: JetLag, Une fiction en réalité virtuelle
Dossier de Presse: JetLag, Une fiction en réalité virtuelle
Jeremy Sahel
 
Como Planejar sua Campanha Promocional com Brindes | Apresentação 1 de 3
Como Planejar sua Campanha Promocional com Brindes | Apresentação 1 de 3Como Planejar sua Campanha Promocional com Brindes | Apresentação 1 de 3
Como Planejar sua Campanha Promocional com Brindes | Apresentação 1 de 3
Memory Promotional Enterprise
 
Conociendo San Juan Bautista-Misiones
Conociendo San Juan Bautista-Misiones Conociendo San Juan Bautista-Misiones
Conociendo San Juan Bautista-Misiones
Gustavo Sotelo
 
La guerra que se avecina como concepto- Alexander Duguin
La guerra que se avecina como concepto- Alexander DuguinLa guerra que se avecina como concepto- Alexander Duguin
La guerra que se avecina como concepto- Alexander Duguin
Ramón Copa
 
The Art of the “One Person Band”
The Art of the “One Person Band”The Art of the “One Person Band”
The Art of the “One Person Band”
Eric L. Epps
 
Como construir a paz social no brasil
Como construir a paz social no brasilComo construir a paz social no brasil
Como construir a paz social no brasil
Fernando Alcoforado
 
Vapour Sensing Properties of Bio-Inspired Synthetic Nanostructures
Vapour Sensing Properties of Bio-Inspired Synthetic NanostructuresVapour Sensing Properties of Bio-Inspired Synthetic Nanostructures
Vapour Sensing Properties of Bio-Inspired Synthetic Nanostructures
Laurent Francis
 
Strategic Communications Bootcamp May 5 French
Strategic Communications Bootcamp May 5 FrenchStrategic Communications Bootcamp May 5 French
Strategic Communications Bootcamp May 5 French
CarolineKealey
 
Value Chain
Value ChainValue Chain
Andre Weil kuralı
Andre Weil kuralıAndre Weil kuralı
Les marchés des matières premières: entre turbulences et incertitudes.
Les marchés des matières premières: entre turbulences et incertitudes. Les marchés des matières premières: entre turbulences et incertitudes.
Les marchés des matières premières: entre turbulences et incertitudes.
Université de Dschang
 
ERIKS Flow Control - Leading the Way in Valve Technology
ERIKS Flow Control - Leading the Way in Valve TechnologyERIKS Flow Control - Leading the Way in Valve Technology
ERIKS Flow Control - Leading the Way in Valve Technology
ERIKS UK
 
AIT presentation
AIT presentationAIT presentation
AIT presentationShan .
 

Viewers also liked (20)

Cloud Computing Stats - Security and Recovery
Cloud Computing Stats - Security and RecoveryCloud Computing Stats - Security and Recovery
Cloud Computing Stats - Security and Recovery
 
Reporte Diario Bursátil del 6 de Mayo del 2016
Reporte Diario Bursátil del 6 de Mayo del 2016Reporte Diario Bursátil del 6 de Mayo del 2016
Reporte Diario Bursátil del 6 de Mayo del 2016
 
Learning at the Speed of Technology – Why Technology Helps Us Learn Faster
Learning at the Speed of Technology – Why Technology Helps Us Learn FasterLearning at the Speed of Technology – Why Technology Helps Us Learn Faster
Learning at the Speed of Technology – Why Technology Helps Us Learn Faster
 
Perlでbdd
PerlでbddPerlでbdd
Perlでbdd
 
specCDP2-6M
specCDP2-6MspecCDP2-6M
specCDP2-6M
 
Verkkokirjoittamisen perusvinkit ja some
Verkkokirjoittamisen perusvinkit ja someVerkkokirjoittamisen perusvinkit ja some
Verkkokirjoittamisen perusvinkit ja some
 
Desenvolver equipes de alta performance em tempo de crise - Crescendo
Desenvolver equipes de alta performance em tempo de crise - Crescendo Desenvolver equipes de alta performance em tempo de crise - Crescendo
Desenvolver equipes de alta performance em tempo de crise - Crescendo
 
Dossier de Presse: JetLag, Une fiction en réalité virtuelle
Dossier de Presse: JetLag, Une fiction en réalité virtuelleDossier de Presse: JetLag, Une fiction en réalité virtuelle
Dossier de Presse: JetLag, Une fiction en réalité virtuelle
 
Como Planejar sua Campanha Promocional com Brindes | Apresentação 1 de 3
Como Planejar sua Campanha Promocional com Brindes | Apresentação 1 de 3Como Planejar sua Campanha Promocional com Brindes | Apresentação 1 de 3
Como Planejar sua Campanha Promocional com Brindes | Apresentação 1 de 3
 
Conociendo San Juan Bautista-Misiones
Conociendo San Juan Bautista-Misiones Conociendo San Juan Bautista-Misiones
Conociendo San Juan Bautista-Misiones
 
La guerra que se avecina como concepto- Alexander Duguin
La guerra que se avecina como concepto- Alexander DuguinLa guerra que se avecina como concepto- Alexander Duguin
La guerra que se avecina como concepto- Alexander Duguin
 
The Art of the “One Person Band”
The Art of the “One Person Band”The Art of the “One Person Band”
The Art of the “One Person Band”
 
Como construir a paz social no brasil
Como construir a paz social no brasilComo construir a paz social no brasil
Como construir a paz social no brasil
 
Vapour Sensing Properties of Bio-Inspired Synthetic Nanostructures
Vapour Sensing Properties of Bio-Inspired Synthetic NanostructuresVapour Sensing Properties of Bio-Inspired Synthetic Nanostructures
Vapour Sensing Properties of Bio-Inspired Synthetic Nanostructures
 
Strategic Communications Bootcamp May 5 French
Strategic Communications Bootcamp May 5 FrenchStrategic Communications Bootcamp May 5 French
Strategic Communications Bootcamp May 5 French
 
Value Chain
Value ChainValue Chain
Value Chain
 
Andre Weil kuralı
Andre Weil kuralıAndre Weil kuralı
Andre Weil kuralı
 
Les marchés des matières premières: entre turbulences et incertitudes.
Les marchés des matières premières: entre turbulences et incertitudes. Les marchés des matières premières: entre turbulences et incertitudes.
Les marchés des matières premières: entre turbulences et incertitudes.
 
ERIKS Flow Control - Leading the Way in Valve Technology
ERIKS Flow Control - Leading the Way in Valve TechnologyERIKS Flow Control - Leading the Way in Valve Technology
ERIKS Flow Control - Leading the Way in Valve Technology
 
AIT presentation
AIT presentationAIT presentation
AIT presentation
 

Similar to BKMSH Sources of Federal Taxes and How the Government Uses It

Group 2 Income Taxation .pptx
Group 2 Income Taxation .pptxGroup 2 Income Taxation .pptx
Group 2 Income Taxation .pptx
JonadelBaguio
 
Chapter 3
Chapter 3Chapter 3
Chapter 3
Morten Andersen
 
Taxation in the us
Taxation in the usTaxation in the us
Taxation in the us
UHY
 
General principles of taxation
General principles of taxationGeneral principles of taxation
General principles of taxation
Ferdinand Importado, CPA, MBA
 
Power Up Your Business: NC Department of Revenue
Power Up Your Business: NC Department of RevenuePower Up Your Business: NC Department of Revenue
Power Up Your Business: NC Department of Revenue
Lady Bizness
 
NJCFE Webinar-TCJA-Income Tax Update
NJCFE  Webinar-TCJA-Income Tax UpdateNJCFE  Webinar-TCJA-Income Tax Update
NJCFE Webinar-TCJA-Income Tax Update
Barbara O'Neill
 
taxation
taxationtaxation
Introduction to taxation
Introduction to taxationIntroduction to taxation
Introduction to taxation
Christian Gravador
 
Pe5e chapter 12 v1.0
Pe5e chapter 12 v1.0Pe5e chapter 12 v1.0
Pe5e chapter 12 v1.0ayusup
 
P pt ch 01
P pt ch 01P pt ch 01
P pt ch 01dphil002
 
Tax Responsibilities for Business Owners
Tax Responsibilities for Business OwnersTax Responsibilities for Business Owners
Tax Responsibilities for Business Owners
Generations FCU
 
Introduction to Taxation of Foreign Investment in U.S. Real Estate
Introduction to Taxation of Foreign Investment in U.S. Real EstateIntroduction to Taxation of Foreign Investment in U.S. Real Estate
Introduction to Taxation of Foreign Investment in U.S. Real Estate
Smart Accountants
 
Tax Considerations, Arizona Real Estate
Tax Considerations, Arizona Real EstateTax Considerations, Arizona Real Estate
Tax Considerations, Arizona Real Estate
ZoeBruno
 

Similar to BKMSH Sources of Federal Taxes and How the Government Uses It (20)

Tax deductible laws
Tax deductible lawsTax deductible laws
Tax deductible laws
 
Taxation
TaxationTaxation
Taxation
 
Taxation
TaxationTaxation
Taxation
 
Group 2 Income Taxation .pptx
Group 2 Income Taxation .pptxGroup 2 Income Taxation .pptx
Group 2 Income Taxation .pptx
 
Chapter 9
Chapter 9Chapter 9
Chapter 9
 
Chapter 9
Chapter 9Chapter 9
Chapter 9
 
Economics 9
Economics 9Economics 9
Economics 9
 
Chap19.ppt
Chap19.pptChap19.ppt
Chap19.ppt
 
Chapter 3
Chapter 3Chapter 3
Chapter 3
 
Taxation in the us
Taxation in the usTaxation in the us
Taxation in the us
 
General principles of taxation
General principles of taxationGeneral principles of taxation
General principles of taxation
 
Power Up Your Business: NC Department of Revenue
Power Up Your Business: NC Department of RevenuePower Up Your Business: NC Department of Revenue
Power Up Your Business: NC Department of Revenue
 
NJCFE Webinar-TCJA-Income Tax Update
NJCFE  Webinar-TCJA-Income Tax UpdateNJCFE  Webinar-TCJA-Income Tax Update
NJCFE Webinar-TCJA-Income Tax Update
 
taxation
taxationtaxation
taxation
 
Introduction to taxation
Introduction to taxationIntroduction to taxation
Introduction to taxation
 
Pe5e chapter 12 v1.0
Pe5e chapter 12 v1.0Pe5e chapter 12 v1.0
Pe5e chapter 12 v1.0
 
P pt ch 01
P pt ch 01P pt ch 01
P pt ch 01
 
Tax Responsibilities for Business Owners
Tax Responsibilities for Business OwnersTax Responsibilities for Business Owners
Tax Responsibilities for Business Owners
 
Introduction to Taxation of Foreign Investment in U.S. Real Estate
Introduction to Taxation of Foreign Investment in U.S. Real EstateIntroduction to Taxation of Foreign Investment in U.S. Real Estate
Introduction to Taxation of Foreign Investment in U.S. Real Estate
 
Tax Considerations, Arizona Real Estate
Tax Considerations, Arizona Real EstateTax Considerations, Arizona Real Estate
Tax Considerations, Arizona Real Estate
 

More from MojoFinancial

Passthrough tax summary
Passthrough tax summaryPassthrough tax summary
Passthrough tax summary
MojoFinancial
 
Individual tax summary
Individual tax summaryIndividual tax summary
Individual tax summary
MojoFinancial
 
BKMSH - Business Tax Summary
BKMSH - Business Tax SummaryBKMSH - Business Tax Summary
BKMSH - Business Tax Summary
MojoFinancial
 
Section 404 of SOX
Section 404 of SOXSection 404 of SOX
Section 404 of SOX
MojoFinancial
 
BKMSH U.S. Accounting
BKMSH U.S. AccountingBKMSH U.S. Accounting
BKMSH U.S. Accounting
MojoFinancial
 
BKMSH Understanding Balance of Stockholder's Equity
BKMSH Understanding Balance of Stockholder's EquityBKMSH Understanding Balance of Stockholder's Equity
BKMSH Understanding Balance of Stockholder's Equity
MojoFinancial
 
BKMSH Introduction to Income Statement
BKMSH Introduction to Income StatementBKMSH Introduction to Income Statement
BKMSH Introduction to Income Statement
MojoFinancial
 
BKMSH Accounting Technologies
BKMSH Accounting TechnologiesBKMSH Accounting Technologies
BKMSH Accounting Technologies
MojoFinancial
 
BKMSH From U.S. GAAP to IGAAP: The Shift to IFRS
BKMSH From U.S. GAAP to IGAAP: The Shift to IFRSBKMSH From U.S. GAAP to IGAAP: The Shift to IFRS
BKMSH From U.S. GAAP to IGAAP: The Shift to IFRS
MojoFinancial
 
BKMSH Getting Started with Balance Sheet
BKMSH Getting Started with Balance SheetBKMSH Getting Started with Balance Sheet
BKMSH Getting Started with Balance Sheet
MojoFinancial
 
BKMSH Estate Planning
BKMSH Estate PlanningBKMSH Estate Planning
BKMSH Estate Planning
MojoFinancial
 
BKMSH Cost Segregation
BKMSH Cost SegregationBKMSH Cost Segregation
BKMSH Cost Segregation
MojoFinancial
 
BKMSH Facts and Principles in Accounting Income Taxes
BKMSH Facts and Principles in Accounting Income TaxesBKMSH Facts and Principles in Accounting Income Taxes
BKMSH Facts and Principles in Accounting Income Taxes
MojoFinancial
 
BKMSH Expatriation Tax
BKMSH Expatriation TaxBKMSH Expatriation Tax
BKMSH Expatriation Tax
MojoFinancial
 
BKMSH Basics of Managerial Accounting
BKMSH Basics of Managerial AccountingBKMSH Basics of Managerial Accounting
BKMSH Basics of Managerial Accounting
MojoFinancial
 
BKMSH Accounting for Financial Activities
BKMSH Accounting for Financial ActivitiesBKMSH Accounting for Financial Activities
BKMSH Accounting for Financial Activities
MojoFinancial
 
BKMSH Accounting Ethics
BKMSH Accounting EthicsBKMSH Accounting Ethics
BKMSH Accounting Ethics
MojoFinancial
 
BKMSH Basics of Forensic Accounting
BKMSH Basics of Forensic AccountingBKMSH Basics of Forensic Accounting
BKMSH Basics of Forensic Accounting
MojoFinancial
 
BKMSH Effective Use of SOC III
BKMSH Effective Use of SOC IIIBKMSH Effective Use of SOC III
BKMSH Effective Use of SOC III
MojoFinancial
 
BKMSH Basics of SOC III
BKMSH Basics of SOC IIIBKMSH Basics of SOC III
BKMSH Basics of SOC III
MojoFinancial
 

More from MojoFinancial (20)

Passthrough tax summary
Passthrough tax summaryPassthrough tax summary
Passthrough tax summary
 
Individual tax summary
Individual tax summaryIndividual tax summary
Individual tax summary
 
BKMSH - Business Tax Summary
BKMSH - Business Tax SummaryBKMSH - Business Tax Summary
BKMSH - Business Tax Summary
 
Section 404 of SOX
Section 404 of SOXSection 404 of SOX
Section 404 of SOX
 
BKMSH U.S. Accounting
BKMSH U.S. AccountingBKMSH U.S. Accounting
BKMSH U.S. Accounting
 
BKMSH Understanding Balance of Stockholder's Equity
BKMSH Understanding Balance of Stockholder's EquityBKMSH Understanding Balance of Stockholder's Equity
BKMSH Understanding Balance of Stockholder's Equity
 
BKMSH Introduction to Income Statement
BKMSH Introduction to Income StatementBKMSH Introduction to Income Statement
BKMSH Introduction to Income Statement
 
BKMSH Accounting Technologies
BKMSH Accounting TechnologiesBKMSH Accounting Technologies
BKMSH Accounting Technologies
 
BKMSH From U.S. GAAP to IGAAP: The Shift to IFRS
BKMSH From U.S. GAAP to IGAAP: The Shift to IFRSBKMSH From U.S. GAAP to IGAAP: The Shift to IFRS
BKMSH From U.S. GAAP to IGAAP: The Shift to IFRS
 
BKMSH Getting Started with Balance Sheet
BKMSH Getting Started with Balance SheetBKMSH Getting Started with Balance Sheet
BKMSH Getting Started with Balance Sheet
 
BKMSH Estate Planning
BKMSH Estate PlanningBKMSH Estate Planning
BKMSH Estate Planning
 
BKMSH Cost Segregation
BKMSH Cost SegregationBKMSH Cost Segregation
BKMSH Cost Segregation
 
BKMSH Facts and Principles in Accounting Income Taxes
BKMSH Facts and Principles in Accounting Income TaxesBKMSH Facts and Principles in Accounting Income Taxes
BKMSH Facts and Principles in Accounting Income Taxes
 
BKMSH Expatriation Tax
BKMSH Expatriation TaxBKMSH Expatriation Tax
BKMSH Expatriation Tax
 
BKMSH Basics of Managerial Accounting
BKMSH Basics of Managerial AccountingBKMSH Basics of Managerial Accounting
BKMSH Basics of Managerial Accounting
 
BKMSH Accounting for Financial Activities
BKMSH Accounting for Financial ActivitiesBKMSH Accounting for Financial Activities
BKMSH Accounting for Financial Activities
 
BKMSH Accounting Ethics
BKMSH Accounting EthicsBKMSH Accounting Ethics
BKMSH Accounting Ethics
 
BKMSH Basics of Forensic Accounting
BKMSH Basics of Forensic AccountingBKMSH Basics of Forensic Accounting
BKMSH Basics of Forensic Accounting
 
BKMSH Effective Use of SOC III
BKMSH Effective Use of SOC IIIBKMSH Effective Use of SOC III
BKMSH Effective Use of SOC III
 
BKMSH Basics of SOC III
BKMSH Basics of SOC IIIBKMSH Basics of SOC III
BKMSH Basics of SOC III
 

Recently uploaded

LA HUG - Video Testimonials with Chynna Morgan - June 2024
LA HUG - Video Testimonials with Chynna Morgan - June 2024LA HUG - Video Testimonials with Chynna Morgan - June 2024
LA HUG - Video Testimonials with Chynna Morgan - June 2024
Lital Barkan
 
Brand Analysis for an artist named Struan
Brand Analysis for an artist named StruanBrand Analysis for an artist named Struan
Brand Analysis for an artist named Struan
sarahvanessa51503
 
Business Valuation Principles for Entrepreneurs
Business Valuation Principles for EntrepreneursBusiness Valuation Principles for Entrepreneurs
Business Valuation Principles for Entrepreneurs
Ben Wann
 
What are the main advantages of using HR recruiter services.pdf
What are the main advantages of using HR recruiter services.pdfWhat are the main advantages of using HR recruiter services.pdf
What are the main advantages of using HR recruiter services.pdf
HumanResourceDimensi1
 
Unveiling the Secrets How Does Generative AI Work.pdf
Unveiling the Secrets How Does Generative AI Work.pdfUnveiling the Secrets How Does Generative AI Work.pdf
Unveiling the Secrets How Does Generative AI Work.pdf
Sam H
 
ModelingMarketingStrategiesMKS.CollumbiaUniversitypdf
ModelingMarketingStrategiesMKS.CollumbiaUniversitypdfModelingMarketingStrategiesMKS.CollumbiaUniversitypdf
ModelingMarketingStrategiesMKS.CollumbiaUniversitypdf
fisherameliaisabella
 
Affordable Stationery Printing Services in Jaipur | Navpack n Print
Affordable Stationery Printing Services in Jaipur | Navpack n PrintAffordable Stationery Printing Services in Jaipur | Navpack n Print
Affordable Stationery Printing Services in Jaipur | Navpack n Print
Navpack & Print
 
Attending a job Interview for B1 and B2 Englsih learners
Attending a job Interview for B1 and B2 Englsih learnersAttending a job Interview for B1 and B2 Englsih learners
Attending a job Interview for B1 and B2 Englsih learners
Erika906060
 
The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...
Adam Smith
 
The effects of customers service quality and online reviews on customer loyal...
The effects of customers service quality and online reviews on customer loyal...The effects of customers service quality and online reviews on customer loyal...
The effects of customers service quality and online reviews on customer loyal...
balatucanapplelovely
 
CADAVER AS OUR FIRST TEACHER anatomt in your.pptx
CADAVER AS OUR FIRST TEACHER anatomt in your.pptxCADAVER AS OUR FIRST TEACHER anatomt in your.pptx
CADAVER AS OUR FIRST TEACHER anatomt in your.pptx
fakeloginn69
 
Memorandum Of Association Constitution of Company.ppt
Memorandum Of Association Constitution of Company.pptMemorandum Of Association Constitution of Company.ppt
Memorandum Of Association Constitution of Company.ppt
seri bangash
 
BeMetals Presentation_May_22_2024 .pdf
BeMetals Presentation_May_22_2024   .pdfBeMetals Presentation_May_22_2024   .pdf
BeMetals Presentation_May_22_2024 .pdf
DerekIwanaka1
 
Premium MEAN Stack Development Solutions for Modern Businesses
Premium MEAN Stack Development Solutions for Modern BusinessesPremium MEAN Stack Development Solutions for Modern Businesses
Premium MEAN Stack Development Solutions for Modern Businesses
SynapseIndia
 
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
taqyed
 
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...
BBPMedia1
 
What is the TDS Return Filing Due Date for FY 2024-25.pdf
What is the TDS Return Filing Due Date for FY 2024-25.pdfWhat is the TDS Return Filing Due Date for FY 2024-25.pdf
What is the TDS Return Filing Due Date for FY 2024-25.pdf
seoforlegalpillers
 
3.0 Project 2_ Developing My Brand Identity Kit.pptx
3.0 Project 2_ Developing My Brand Identity Kit.pptx3.0 Project 2_ Developing My Brand Identity Kit.pptx
3.0 Project 2_ Developing My Brand Identity Kit.pptx
tanyjahb
 
5 Things You Need To Know Before Hiring a Videographer
5 Things You Need To Know Before Hiring a Videographer5 Things You Need To Know Before Hiring a Videographer
5 Things You Need To Know Before Hiring a Videographer
ofm712785
 
ikea_woodgreen_petscharity_cat-alogue_digital.pdf
ikea_woodgreen_petscharity_cat-alogue_digital.pdfikea_woodgreen_petscharity_cat-alogue_digital.pdf
ikea_woodgreen_petscharity_cat-alogue_digital.pdf
agatadrynko
 

Recently uploaded (20)

LA HUG - Video Testimonials with Chynna Morgan - June 2024
LA HUG - Video Testimonials with Chynna Morgan - June 2024LA HUG - Video Testimonials with Chynna Morgan - June 2024
LA HUG - Video Testimonials with Chynna Morgan - June 2024
 
Brand Analysis for an artist named Struan
Brand Analysis for an artist named StruanBrand Analysis for an artist named Struan
Brand Analysis for an artist named Struan
 
Business Valuation Principles for Entrepreneurs
Business Valuation Principles for EntrepreneursBusiness Valuation Principles for Entrepreneurs
Business Valuation Principles for Entrepreneurs
 
What are the main advantages of using HR recruiter services.pdf
What are the main advantages of using HR recruiter services.pdfWhat are the main advantages of using HR recruiter services.pdf
What are the main advantages of using HR recruiter services.pdf
 
Unveiling the Secrets How Does Generative AI Work.pdf
Unveiling the Secrets How Does Generative AI Work.pdfUnveiling the Secrets How Does Generative AI Work.pdf
Unveiling the Secrets How Does Generative AI Work.pdf
 
ModelingMarketingStrategiesMKS.CollumbiaUniversitypdf
ModelingMarketingStrategiesMKS.CollumbiaUniversitypdfModelingMarketingStrategiesMKS.CollumbiaUniversitypdf
ModelingMarketingStrategiesMKS.CollumbiaUniversitypdf
 
Affordable Stationery Printing Services in Jaipur | Navpack n Print
Affordable Stationery Printing Services in Jaipur | Navpack n PrintAffordable Stationery Printing Services in Jaipur | Navpack n Print
Affordable Stationery Printing Services in Jaipur | Navpack n Print
 
Attending a job Interview for B1 and B2 Englsih learners
Attending a job Interview for B1 and B2 Englsih learnersAttending a job Interview for B1 and B2 Englsih learners
Attending a job Interview for B1 and B2 Englsih learners
 
The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...
 
The effects of customers service quality and online reviews on customer loyal...
The effects of customers service quality and online reviews on customer loyal...The effects of customers service quality and online reviews on customer loyal...
The effects of customers service quality and online reviews on customer loyal...
 
CADAVER AS OUR FIRST TEACHER anatomt in your.pptx
CADAVER AS OUR FIRST TEACHER anatomt in your.pptxCADAVER AS OUR FIRST TEACHER anatomt in your.pptx
CADAVER AS OUR FIRST TEACHER anatomt in your.pptx
 
Memorandum Of Association Constitution of Company.ppt
Memorandum Of Association Constitution of Company.pptMemorandum Of Association Constitution of Company.ppt
Memorandum Of Association Constitution of Company.ppt
 
BeMetals Presentation_May_22_2024 .pdf
BeMetals Presentation_May_22_2024   .pdfBeMetals Presentation_May_22_2024   .pdf
BeMetals Presentation_May_22_2024 .pdf
 
Premium MEAN Stack Development Solutions for Modern Businesses
Premium MEAN Stack Development Solutions for Modern BusinessesPremium MEAN Stack Development Solutions for Modern Businesses
Premium MEAN Stack Development Solutions for Modern Businesses
 
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
 
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...
 
What is the TDS Return Filing Due Date for FY 2024-25.pdf
What is the TDS Return Filing Due Date for FY 2024-25.pdfWhat is the TDS Return Filing Due Date for FY 2024-25.pdf
What is the TDS Return Filing Due Date for FY 2024-25.pdf
 
3.0 Project 2_ Developing My Brand Identity Kit.pptx
3.0 Project 2_ Developing My Brand Identity Kit.pptx3.0 Project 2_ Developing My Brand Identity Kit.pptx
3.0 Project 2_ Developing My Brand Identity Kit.pptx
 
5 Things You Need To Know Before Hiring a Videographer
5 Things You Need To Know Before Hiring a Videographer5 Things You Need To Know Before Hiring a Videographer
5 Things You Need To Know Before Hiring a Videographer
 
ikea_woodgreen_petscharity_cat-alogue_digital.pdf
ikea_woodgreen_petscharity_cat-alogue_digital.pdfikea_woodgreen_petscharity_cat-alogue_digital.pdf
ikea_woodgreen_petscharity_cat-alogue_digital.pdf
 

BKMSH Sources of Federal Taxes and How the Government Uses It

  • 1. Taxes Sources of Federal Taxes and How the Government Uses It
  • 2. Different Types of Taxes 2 • Income Tax - This is where the main revenue of the federal government comes from - 46 percent of the projected revenue of the government for Fiscal Year 2015 is from income tax
  • 3. Different Types of Taxes 3 States that do not levy income tax: - Alaska - Florida - Nevada - South Dakota - Texas - Washington
  • 4. Different Types of Taxes 4 • New Hampshire and Tennessee collect taxes not on wages but on dividend and interest income • Sources of income taxes: - Wages - Interest, dividends and gains from investment - Self-employment - Property rentals - Rental of intellectual property - Gambling winnings or prizes
  • 5. Different Types of Taxes 5 • Advantage of income tax: Households with low incomes will pay less compared to households that earn more • Disadvantage of income tax: Difficult to evaluate
  • 6. Different Types of Taxes 6 • Sales Tax or Consumption Tax - Based on the expenditures financed through income - Example is buying furniture - Levied only by states, counties and cities • Advantage of sales tax: Can be tracked easily • Disadvantage of sales tax: Affects mostly those who have the least ability to pay for it
  • 7. Different Types of Taxes 7 • Use Tax - Imposed on utilities and services • Advantage of use tax: Can be tracked easily • Disadvantage of sales tax: Affects mostly those who have the least ability to pay for it
  • 8. Different Types of Taxes 8 • Excise Tax - Regarded as luxury tax - Collected both by the state and federal government - Three percent of projected federal revenue for Fiscal Year 2015 comes from excise tax • Advantage of excise tax: Often used to dissuade the consumption of cigarette and alcohol • Disadvantage of excise tax: Affects mostly those who have the least ability to pay for it
  • 9. Different Types of Taxes 9 • Excise taxes are levied on: - Beer - Liquor - Cigarette - Firearms - Gasoline
  • 10. Different Types of Taxes 10 • Real Estate Tax - Local government’s primary source of revenue - Covers homes, land and business property ad valorem • Advantage of real estate tax: Progressive tax and easy to collect • Disadvantage of real estate tax: Property owners tend to pay more if their new property is not annually reassessed
  • 11. Different Types of Taxes 11 • Personal Property Tax - Imposed by few local governments on items such as vehicles, appliances and furniture • Tolls and Permit - Charged in order to use public services such as public parks, highways and parking lots
  • 12. Different Types of Taxes 12 • Estate, Gift and Inheritance Taxes - Estate tax: levied on an estate - Inheritance tax: imposed when a property is transferred after the owner dies - Gift tax: exacted on large gifts • Tariffs - Imposed in exports and imports
  • 13. Different Types of Taxes 13 • Value-Added Tax - Burdened by consumers - Added to the cost of manufacturing, producing and distributing a product or a material
  • 14. Government Expenses 14 • Social Security: 24% • Health insurance program: 24% • Defense and international security assistance: 18% • Safety net programs: 11% • Interest on debt: 7% • Benefits for federal retirees and veterans: 8%
  • 15. Government Expenses 15 • Transportation and infrastructure: 3% • Education: 2% • Science and medical research: 2% • Non-security international: 2% • Others: 2%
  • 16. Good fortune is what happens when opportunity meets with planning. - Thomas Alva Edison 16 BKM Sowan Horan, LLP 15301 Dallas Parkway, Suite 960 Dallas, Texas 75001 Phone: 214-545-3965 Fax: 214-545-3966 www.bkmsh.com For more information about Sources of Federal Tax and Government Expenses, please visit: http://bit.ly/BKMSH-Sources-of-Federal-Taxes-and-Government-Expenses