Chapter 14-1: What are Taxes - Lessons from Mr. LeBlanc



Chapter 14 Review : TAXES

“Taxes are what we pay for civilized society.” “The power to tax is the power to destroy.”

~ Oliver Wendell Holmes ~ John Marshall

READ CH 14.1 and 14.2

Study the Tax Powerpoint on my website / and the Note Guide

Study the Tax Vocabulary Sheet

From the Powerpoint and section 14.1:

What are taxes?

On what does the U.S. spends its money?

What is being taxed?

Explain how each tax structure works (provide examples):

Progressive

Regressive

Proportional

Identify the key taxes collected by each level of government (federal, state, and local)

What are four characteristics of a good tax?

1.

2.

3.

4.

From the tax vocab sheet and section 14.2:

What does “Pay-As-You-Earn” mean?

Why do people have to file a tax report?

What is a W-4 and why is it required for every person who holds a job? (Explain the idea of Tax Withholding)

What is the similarity AND difference between a Tax Deduction and a Personal Exemption.

What is FICA?

How is Gross Income different than Taxable Income?

From the 1040EZ activity we did in class and the webquest:

What is a W-2 and why is it required?

What are three important qualifications you must meet to be able to file a 1040EZ form?

What kinds of things are taxed by the government (see the table at the end of the webquest)

When do you have to file your taxes?

How long should you keep your tax records?

How do you get a tax refund?

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