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Name: TAXESDate:1 In 2014, the U.S. government spent $3.5 Trillion. But on what?To the right are five of the things the U.S.spent money on. Estimate the percentage spent on each. Spending Category% of money spentHealthcareThe MilitaryEducationBenefits for Retired PeopleScience Research**NOTE: Your estimates do not need to add up to 100%. The government spent money on other things besides these five categories. 2 If Paychecks Could TalkEveryone pays taxes, and many people complain about them. But why?Watch the video to learn where tax revenue comes from and what exactly the government is spending that money on. Then answer the questions. Why does the government need taxes?What is one example of “mandatory” spending? An example of “discretionary” spending?What is one benefit that you or someone you know receives as a result of government spending?3 Federal Tax Revenue and Spending - The BasicsThe U.S. government collects trillions of dollars in taxes every year. But where does that money come from? And where does it go?Review the pdf and answer the questions.Who are the two main groups that are paying taxes?Compare the actual spending figures to your estimates in the Discussion Prompts. How similar were your estimates to the actual figures?Are there any areas of spending that surprise you? That you disagree with? Explain your answer. 4Your Federal Income Tax ReceiptThis interactive calculator allows you to see a “receipt” for your taxes, detailing exactly where your dollars were spent.Enter your salary for the previous year into the calculator. If you didn’t earn a salary, enter $53,891 - the median salary of a U.S. household. Then answer the questions.What’s one category you wish less taxes were spent on? Why?What’s one category you wish more taxes were spent on? Why? 58 "Hidden" Taxes You're Paying Every DayWhile individuals must file income taxes once a year, we pay taxes every day… often without even knowing it. Read this article about everyday purchases and the associated taxes. Answer the questions.Which taxes listed do you pay? Did any of the hidden taxes surprise you? Why or why not?Do you think it’s fair to tax specific items or activities (like gas, or travel)? Why or why not?6 2015’s Best & Worst States to be a TaxpayerWhile everyone must pay taxes, your taxes depend highly on the state you live in. View the data on how taxes differ between states.Answer the questions.What does the average taxpayer pay in your state? Where does that rank nationally?California has the 9th lowest tax burden, but when you adjust for Cost of Living it falls to 30th. What does that tell you about the role Cost of Living has on your tax burden?Look at the section titled “Detailed Findings”. Different states collect their money in different ways. Compare Washington, Hawaii and New Jersey in the chart and explain how each gets their tax revenue in different ways.StateWhat is their tax strategy? What areas do they tax a lot? A little? WashingtonHawaiiNew Jersey7Federal Individual Income Tax RatesSimilar to which state you live in, individuals pay different taxes depending on how much they earn. Read the article and answer the questions.What does it mean that the U.S. has a “progressive” tax system?If your income is $46,000 and you are single, what is your marginal tax rate?Why do you think you get a different tax rate if you are single versus married?BONUS: What is your “effective” tax rate if your income is $46,000 and you’re single? 8 HYPERLINK "" CALCULATE: How Much Do I Pay in Taxes? Everyone must pay taxes, but how much really depends on a number of factors. Follow the directions in this activity to explore how your choice of profession and where you live can impact your taxes.What did you learn?9GLOSSARY | TaxesHere is a glossary of key terms that you will need to know when considering taxes. Study the list, then play the Scatter Game four times and track your fastest time. Screen shot your time and paste it in the box next to this.Screen shot here:11Taxation NationA “Schoolhouse Rock”-themed parody, Taxation Nation explains why the U.S. tax system is so darn complicated… using song!After watching, answering the following questions.Which amendment began taxing personal income?What date are taxes due every year?Describe two reasons why the tax code has gotten so complicated.12 A Global Look at Personal Income TaxesJust as taxes vary by state, they also vary greatly by country.Using this interactive map, answer the following questions.How does the US tax rate rank compared to the rest of the world? Is it high? Low?Pick 9 countries, including the U.S., with varied tax rates. Count how many have universal health care and paid maternity leave.CountryTax RateUniversal Health CarePaid Maternity LeaveLOW (Tax Rate 0-20%) MEDIUM (Tax Rate 21-40%)CountryTax RateUniversal Health CarePaid Maternity Leave HIGH (Tax Rate 41+ and up)CountryTax RateUniversal Health CarePaid Maternity LeaveWhat conclusions can you draw from your findings? ................
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