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Taxes - PowerPoint PPT Presentation

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Taxes. Cause you need to do em ’. Whether you like it or not. Challenge:. What is tax?. What is Tax?. Tax is a mandatory payment made by individuals and corporations to government . It can be levied upon things such as income , property , and sales.

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Cause you need to do em’. Whether you like it or not.

what is tax1
What is Tax?
  • Tax is a mandatory payment made by individuals and corporations to government.
  • It can be levied upon things such as income, property, and sales.
  • Taxes are used to support the government and the programs and services it provides.
some tax history
Some Tax History
  • Since the beginning of recorded history, some kind of tax system has existed in organized societies and governments.
  • Over 3,500 years ago, the ancient Egyptians collected taxes and the Roman Empire had a highly evolved tax system.
  • The French and Romans of the 13th century were credited with the first use of a word similar to tax.
    • The French had taxer and the Latin used taxare to describe the acts: to estimate, to assess, or to touch repeatedly.
  • What do we pay taxes on?
  • What does the gov’t do with the money?
what gets taxed
What Gets Taxed?
  • Most goods and services.
what does revenue from tax pay for
What does revenue from Tax Pay For?
  • Roads
  • Education
  • Health Care
  • National Defense
  • Police & Fire Services
  • Parks & Playgrounds
  • Libraries
  • Garbage Collection
  • Etc. etc.
about tax
About Tax
  • GST = Goods and Services Tax
  • PST = Provincial Sales Tax
  • HST = Harmonized Sales Tax (GST + PST)Only in Nova Scotia, Newfoundland, New Brunswick, PEI & Ontario
things that are important for jobs
Things That are Important for Jobs
  • SIN (Social Insurance Number)
  • A nine digit number you need to work in Canada & access certain programs
  • Should be kept confidential unless required
  • Form TD1 – Personal Tax Credit Return
  • Must be completed by anyone in a new job
  • Tells employer how much tax to withhold from pay cheque
questions to answer about the pay stub
Questions to Answer About the Pay Stub…
  • Find the following information on your pay stub:
  • What is the pay period?
  • How many hours did David work during this pay period?
  • What is his rate of pay?
  • How much money did David earn in this pay period?
  • What was deducted from his pay?
  • What is the amount of David’s pay cheque?
  • What is net pay?
complete a 3 2 1
Complete a 3-2-1
  • 3 facts about taxes.
  • 2 benefits to taxes.
  • 1 thing you’ve learned.