GOV-260-Analyzing Tax Worksheet - Copy PDF

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Download GOV-260-Analyzing Tax Worksheet - Copy PDF

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GOV-260: Analyzing Taxes Worksheet Part One: Taxes Examine the specific taxes listed below. Identify what each tax is intended to fund and who determines the tax rate. The first row has been filled out as an example. Tax

Funds

Governmental Body Responsible for Rate of Taxation

Example: AZ Gasoline Tax Highways Arizona State Sales Tax General Funding: Public education, health services, public safety

State of Arizona Arizona Department of Revenue

Phoenix City Sales Tax

General Funding: Libraries, parks senior center

Arizona Department of Revenue

Maricopa County Sales Tax

General operations of the county: healthcare, senior parks

State of Arizona

School District Property Tax

School funding: educational supplies for public schools

Federal, state and local Arizona

School District Property Tax (Bonds/Overrides):

Funding used for general State of Arizona maintenance of public schools © 2020. Grand Canyon University. All Rights Reserved.

County Property Tax

Public education, public roads and building (hospital) maintenance, emergency (fire, military services)

Federal, state and local Arizona

Arizona State Income Tax

General funding: Military, healthcare, public employee, public developmental projects, public assistance for lowincome household

Arizona Department of Revenue

Part Two: Sales Tax Examine the newest sales tax receipt for a purchase in Phoenix, Maricopa County located in the assignment. Based on the information provided on the receipt please answer the following questions. 1. 2. 3. 4.

Total sales tax paid: $0.77 Amount of sales tax assessed by the State of Arizona: 5.6% Amount of sales tax assessed by the City of Phoenix: 2.3% Amount of sales tax assessed by Maricopa County: 0.70%

Part Three: Payroll Statement Review Review the attached payroll statement. Based on the statement, how much tax was collected by the State of Arizona? Describe the difference between Arizona State Income tax and Arizona State Sales tax. Once you have described each tax, add your personal opinion regarding the positive or negative nature of state income and sales tax to all citizens.

The state income tax for the pay period is $24.00 the sales tax based on the receipt provided is $0.77 the difference is the state income tax is $23.23 more that the sales tax collected. The Arizona income tax is an increase amount compared to the sales tax which is very minimal. My opinion of taxes is it’s essential for the up keeping of the country and we all benefit from it weather directly by attending a public school or receiving health care, or indirectly that is the fulfillment of knowing that I pay my taxes and others such as the disable society can benefit from it (Kagan, Understanding Taxes 2020).

Part Four: Utility Bill Review Based on the sample utility bill included in the assignment, what is the total amount of taxes paid and the total amount of fees paid by the customer? Also, explain the difference between an imposed fee and a tax. Finally, clarify who determines if utility fees may be increased by this sample utility company? The total fees paid $37.02 and taxes paid $4.27 The difference between taxes and impose fees are taxes are compulsory expenses that is charge by the government, while impose fees are payments to the provider for a particular service received, it is used as a measure to regulate the service. The town or city Corporation Commission determine the utility fees increase they provide a fair base initiative decision that benefits to some extend both the service provider and the citizens. They act as a regulatory body for the utility providers in the town or city. (MRSC, n.d.)

References

Kagan, J. (2020, August 28). Understanding Taxes. Retrieved December 19, 2020, from https://www.investopedia.com/terms/t/taxes.asp

MRSC. (n.d.). Retrieved December 19, 2020, from http://mrsc.org/Home/Explore-Topics/Public-Works/General-UtilityTopics/Utility-Billing-Procedures.aspx

Points: 220/300.0 Instructors Comments:The federal government has no role in setting local school district tax rates. The “government" or “state” does not provide any detail with regard to how various tax rates are set. What specific parts of the government determine how taxes are established. Minimal discussion regarding tax vs. fee....