Ch. 9.2 Notes Federal Taxes

					Ch. 9.2 Notes : Federal Taxes
I.   Federal Taxes > In order to spend money, the
     gov raises money by charging various taxes
     A. Individual Income Tax > taxes
        deducted from your paycheck and
        sent to the gov.
        1. Max of 40%, depending on how
           much money you make
     B. Federal Insurance Contributions Act
        (FICA)
        1. Social Security > retirement tax taken
           out of your paycheck
        2. Medicare > healthcare tax for seniors
C. Corporation Tax > companies are
   taxed on their profit
D. Other Taxes
   a. Estate & Gift tax > inheritance tax
   b. Custom Duties tax > tax on imports
   c. Excise tax > official term for “sin
      taxes”
   d. Misc > Ex. National Parks tax

				
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