1 of 14

Slide Notes

DownloadGo Live

Federal Taxes

Published on Jun 02, 2016

No Description

PRESENTATION OUTLINE

Federal Taxes

Calysta Rodriguez, Period 1

Tax Withholding

The government taking money out of your paycheck before you receive it
Photo by Tax Credits

Tax Return

Statement of income and deductions, Deadline April 15th
Photo by 401(K) 2013

Taxable Income

A person's total income not including exemptions and deductions
Photo by efile989

Personal Exemptions

The amount you subtract from your total income
Photo by photosteve101

Deductions

The amount you subtract from your total income
Photo by Alan Cleaver

Social Security

Taxes that go to Social Security Admin  EX: funding old-age, survivors, and disability
Photo by 401(K) 2013

Medicare

National health insurance program that helps pay for health insurance for people over 65
Photo by 401(K) 2013

Medicaid

Health care program that assists low-income families  EX: Medicaid paying for medicine

Unemployment Tax

Pays for insurance policy workers that are laid off

Estate Tax

A tax on the property of someone who had died

Gift Tax

Tax on money or property that one person gives to another

Tariffs

Taxes on imported goods coming to our country  EX: fruits, veggies

Tax Incentive

Tax to encourage or discourage behavior    EX. Alcohol and tobacco products
Photo by Tax Credits