Understanding Federal Taxes in the United States
Explore the key aspects of federal taxes in the United States, including individual and corporate income taxes, Social Security, Medicare, and unemployment taxes. Learn about tax brackets, withholding, tax returns, and more. Discover the economic importance of taxes and how they support the functioning of the government. Gain insights into tax incentives, deductions, and other types of national-level taxes.
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[ 8.2 ] Federal Taxes Learning Objectives Identify the basic characteristics and importance of individual and corporate income taxes at the national level. Explain the purpose and importance of Social Security, Medicare, and unemployment taxes. Identify other types of taxes levied at the national level.
[ 8.2 ] Federal Taxes Key Terms withholding, tax return Taxable income Personal exemptions Tax deductions tax credit estate tax gift tax tariffs. tax incentive.
Individual and Corporate Income Taxes The United States has a government of the people, by the people, for the people. For that government to function, it needs the economic backing of the American people. If you work and pay income taxes, you are helping to support the work the government does. Taxes are of great economic importance to the nation.
Individual and Corporate Income Taxes Individual Income Taxes Individual Tax Brackets Tax Withholding Filing a Tax Return Corporate Income Taxes
Individual and Corporate Income Taxes Analyze Graphs Based on this graph, what effect would an economic downturn, with lower corporate and individual earnings, have on government receipts? Explain.
Individual and Corporate Income Taxes Our tax system promotes equity, but its complexity makes it necessary for many people to get help preparing their taxes. This couple is meeting with a professional tax preparer.
Social Security, Medicare, and Unemployment Taxes In addition to withholding money for income taxes, employers withhold money for taxes authorized under the Federal Insurance Contributions Act, or FICA. FICA taxes fund two large government social-insurance programs, Social Security and Medicare. Employees and employers share FICA payments.
Social Security, Medicare, and Unemployment Taxes Social Security Taxes Medicare Taxes Unemployment Taxes
Social Security, Medicare, and Unemployment Taxes In addition to helping older people, Social Security offers benefits to people with certain disabilities, such as Down Syndrome.
Social Security, Medicare, and Unemployment Taxes The gap between what Medicare takes in and what it spends has been widening. Analyze Graphs What are two possible solutions to the problem presented by this graph?
Other National Taxes What are the taxes on gasoline and cable television service called? If you inherit money from your great aunt, will you have to pay a tax? Why are some imported products so expensive? To answer these questions, you need to look at excise, estate, gift, and import taxes.
Other National Taxes Excise Taxes Estate Taxes Gift Taxes Tariffs Taxes on Imported Goods Taxes That Affect Behavior
Other National Taxes Analyze Political Cartoons How would you summarize this cartoon s view of the estate tax?
Other National Taxes Analyze Graphs How does this graph support the assertion that tariffs today are mainly intended to protect American farms and businesses from foreign competition?
