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Do Now 

Do Now . “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes. ” - Benjamin Franklin. What point is Benjamin Franklin making? Why is he making this claim?. Types of Taxes

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Do Now 

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  1. Do Now  “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” - Benjamin Franklin What point is Benjamin Franklin making? Why is he making this claim?

  2. Types of Taxes Income tax: government taxes a portion of your earnings (not just salary, i.e. capital gains, etc.) Payroll tax: tax to pay for social security and Medicare (calculated from your salary) Excise tax: tax on luxury items Estate/gift tax: over $2MM and over $13K/year Tariff: Taxes on imports (foreign goods).

  3. In groups of 4… List the pros and cons of each federal tax: • Income Tax • Payroll Tax • Estate Tax/Gift Tax • Excise Tax • Tariffs

  4. Progressive Tax A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals. (Example: US Income tax) Regressive Tax A tax that takes a larger percentage from low-income people than from high-income people. A regressive tax is generally a tax that is applied uniformly. This means that it hits lower-income individuals harder. (source: Investopedia.com)

  5. Federal Taxes

  6. New York State Taxes

  7. New York City Tax Rate

  8. Social Security Tax Social Security 6.2% on all income up to $113,700 Medicare Tax rate is 1.45% (2.9% if self-employed

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