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Understanding Taxes and Responsibilities

Learn how taxes work, including the history of taxes, retirement planning, the United States budget, and the different types of taxes individuals are responsible for.

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Understanding Taxes and Responsibilities

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  1. LESSON 4, rev C “MY TAXES…, MY RESPONSIBILITIES” ...do you know how it works? Lesson 4 ― “My Taxes…, My Responsibilities”

  2. 4.5 4.0 3.5 Birth in Millions 3.0 2.5 2.0 1980 1970 1960 1950 1940 1930 LESSON 4, rev C “MY TAXES…, MY RESPONSIBILITIES” ...do you know how it works? THE BABY BOOM: 1946-1964 Source: U.S. Census

  3. 20-25 19.4 Age 13.6 1.2 1900 1980 1990 2000  LESSON 4, rev C “MY TAXES…, MY RESPONSIBILITIES” ...do you know how it works? YEARS SPENT IN RETIREMENT 30 25 20 15 10 5 0

  4. “Longevity Bonus” 0 10 20 30 40 50 60 70 80 Education Work Leisure Age LESSON 4, rev C “MY TAXES…, MY RESPONSIBILITIES” ...do you know how it works? LINEAR LIFEPLAN

  5. LESSON 4, rev C “MY TAXES…, MY RESPONSIBILITIES” ...do you know how it works? UNITED STATES 2015 BUDGET TAXES $3.20 $0.60 DEFICIT ====== $3.80 SPENDING $3.80 IN TRILLIONS OF DOLLARS

  6. LESSON 4, rev C “MY TAXES…, MY RESPONSIBILITIES” ...do you know how it works? UNITED STATES DEBT http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm DEBT 2007 $ 9.00 ~~~ ~~~ DEBT 2012 $16.06 DEBT 2013 $16.74 DEBT 2014 $17.82 DEBT 2015 (EST) $18.40 IN TRILLIONS OF DOLLARS

  7. LESSON 4, rev C “MY TAXES…, MY RESPONSIBILITIES” ...do you know how it works? PROGRESSIVE INCOME TAX TABLE FOR SINGLE PERSONS – 2015 IRS.GOV

  8. LESSON 4, rev C “MY TAXES…, MY RESPONSIBILITIES” ...do you know how it works?

  9. LESSON 4, rev C “MY TAXES…, MY RESPONSIBILITIES” ...do you know how it works? http://money.cnn.com/2013/03/12/news/economy/rich-taxes/

  10. LESSON 4, rev C “MY TAXES.., MY RESPONSIBILITIES ..do you know how it works?? All Federal Income Taxes Paid in the United States Year 2001

  11. Affordable Care Act (Obama Care) Tax Air(cell phones) Building Permit Tax Capital Gains Tax CDL License Tax Cigarette Tax Corporate Income Tax Dog License Tax Federal Income Tax Franchise Tax Federal Unemployment Tax (FUTA) Taxes – How many are there? LESSON 4, rev C “MY TAXES.., MY RESPONSIBILITIES ..do you know how it works??

  12. Fishing License Tax Food License Tax Gasoline / Diesel Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges (tax on top of tax) IRS Penalties (tax on top of tax) Liquor Tax Luxury Tax Marriage License Tax Payroll Taxes (Medicare & Social Security) Taxes – How many are there? LESSON 4, rev C “MY TAXES.., MY RESPONSIBILITIES ..do you know how it works??

  13. Property Taxes City Tax County Tax School Tax Severance Tax (oil royalties) Road Usage Tax (Truckers) Sales Taxes State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax< /SPAN> Telephone Federal Universal Service Fee Tax Taxes – How many are there? LESSON 4, rev C “MY TAXES.., MY RESPONSIBILITIES ..do you know how it works??

  14. Telephone Federal, State and Local Surcharge Telephone Minimum Usage Surcharge Tax Telephone Recurring & Non-recurring Charges Telephone State and Local Tax Telephone Usage Charge Tax Utility Tax Vehicle License Registration Tax Vehicle Sales Tax Water District Tax (MUD) Watercraft Registration Tax Well Permit Tax Workers Compensation Tax Taxes – How many are there? LESSON 4, rev C “MY TAXES.., MY RESPONSIBILITIES ..do you know how it works??

  15. Environmental Impact Tax (old car tires & batteries) Taxes – How many are there? LESSON 4, rev C “MY TAXES.., MY RESPONSIBILITIES ..do you know how it works??

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