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The Eternal Question: Will Taxation Ever End?

Explore the enduring concept of taxation, from its inevitable presence in society to the varied tax systems and forms that shape our economies. Delve into the purposes of taxes and the debate over who should bear the burden.

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The Eternal Question: Will Taxation Ever End?

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  1. WILL TAXATION EVER END?

  2. “But in this world, nothing can be said to be certain except death and taxes.”
  3. EXAMPLES OF TAXES
  4. WHAT ARE THE PURPOSES OF TAXES?
  5. WHO SHOULD PAY TAXES? Benefits Received Ability to Pay
  6. TAX SYSTEMS Progressive Proportional Regressive
  7. TAX FORMS W-4: complete before beginning employment: select the # of dependents (doesn’t have to be a real #) $ deducted from your paycheck are based on this # More dependents=less tax deducted Fewer dependents=more taxes deducted
  8. 1040=Federal Income Tax Filing Form W-2=Earned Income 1099=Taxable interest and dividends greater than $10
  9. INCOME Wages, salaries, tips (W-2) Taxable interest and dividends (1099) Alimony Capital gains (profits from the sale of stocks) IRA distributions Rents from real estate Unemployment insurance Gambling or game show winnings
  10. TAX DEDUCTION An expense that you can use to reduce your taxable income. Educator expenses (teachers) Moving expenses (if related to a new job) Alimony, paid IRA deduction Student loan interest Mortgage interest
  11. Real estate taxes paid to local govt Tuition (related to courses to be promoted) Expenses related to a job search Charity contributions Gambling losses Medical expenses Capital losses
  12. CALCULATION OF TAXES ITEMIZED DEDUCTION: specific expenses that you deduct from your income STANDARD DEDUCTION: amount determined by the IRS to be used by taxpayers who do not have substantial itemized deductions
  13. EXAMPLE ONE Single Itemized deductions: Charity $2,000 Medical expenses $230 IRA Contribution $2,500 STANDARD DEDUCTION: $5,800
  14. EXAMPLE TWO Single Itemized Deductions Charity $3,500 Medical $230 IRA Contribution $2,500 Real Estate Taxes $3,200 Mortgage $2,000 STANDARD DEDUCTION: $5,800
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