Income tax
ANSWER
type of tax taken out of wage earner's check
federal
Sales tax
ANSWER
tax on customer purchases
state/community
Social Security
ANSWER
uniform rate of 6.2% of gross income into social security fund
federal
Medicate
ANSWER
straight percentage of 1.45% of employee wages. Provides medical care for qualifying indi-
viduals ages 65 and up
federal
1
,How are public programs funded?
ANSWER
Public programs are funed by everyone's taxes
Pros and Cons of FDA
ANSWER
Pros
1. Safeguards nation's food supply by ensuring that all ingredients are safe and uncontami-
nated
2. Requires labels to be accurate and informative
Cons
1. Doesn't require claims made by distributor to be proven
2. Cosmetics monitored for safety and accuracy in labeling but products are not reviewed
Federal Taxes
ANSWER
Federal income tax
Federal social security tax
Federal medicare tax
Federal unemployment tax (sometimes)
State Taxes
ANSWER
state income tax
state sales tax
2
, Local Taxes
ANSWER
Property tax
sales tax
luxury tax, tourism tax
Federal Taxes- Where they go
ANSWER
82% to:
33% SS
27% Medical (Medicare/Medicaid, ACA)
16% Military
6% Interest of Debt
Types of federal taxes we pay:
Income tax
SS
Medicare
Key forms
IRS Form W-4
IRS Form W-2
Tax Return
(Income tax bracket 2018) What tax rate does Dr. Stolz pay according to tax bracket: 24%
Federal Income Tax Deductions
ANSWER
3
ANSWER
type of tax taken out of wage earner's check
federal
Sales tax
ANSWER
tax on customer purchases
state/community
Social Security
ANSWER
uniform rate of 6.2% of gross income into social security fund
federal
Medicate
ANSWER
straight percentage of 1.45% of employee wages. Provides medical care for qualifying indi-
viduals ages 65 and up
federal
1
,How are public programs funded?
ANSWER
Public programs are funed by everyone's taxes
Pros and Cons of FDA
ANSWER
Pros
1. Safeguards nation's food supply by ensuring that all ingredients are safe and uncontami-
nated
2. Requires labels to be accurate and informative
Cons
1. Doesn't require claims made by distributor to be proven
2. Cosmetics monitored for safety and accuracy in labeling but products are not reviewed
Federal Taxes
ANSWER
Federal income tax
Federal social security tax
Federal medicare tax
Federal unemployment tax (sometimes)
State Taxes
ANSWER
state income tax
state sales tax
2
, Local Taxes
ANSWER
Property tax
sales tax
luxury tax, tourism tax
Federal Taxes- Where they go
ANSWER
82% to:
33% SS
27% Medical (Medicare/Medicaid, ACA)
16% Military
6% Interest of Debt
Types of federal taxes we pay:
Income tax
SS
Medicare
Key forms
IRS Form W-4
IRS Form W-2
Tax Return
(Income tax bracket 2018) What tax rate does Dr. Stolz pay according to tax bracket: 24%
Federal Income Tax Deductions
ANSWER
3
