POS 301 Analyzing Tax Worksheet PDF

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POS-301: Analyzing Tax Worksheet Complete all five parts of the worksheet. Part One: Income Tax Use the sample pay stub provided to fill in the table below. Who Determines the Amount of Tax?

Services the Tax is Applied Towards

Federal Tax

Congress

Military (Specifically army/navy)

State Tax

State Houses

Historical Restoration, Construction

Social Security Tax

Congress

Retirement plans (401k)

Medicare Tax

Congress

Healthcare, Health insurance

Other (Please specify)

n/a

n/a

Part Two: Sales Tax Use the sample sales receipt provided to answer the questions below. 1. List all of the taxes (percent, amount, etc.) found on the receipt. Tax total: $0.77 Percentage: 8.5% Total Cost: $9.76 2. Who determines the amount of each tax? Usually the state determines the tax. However, it can be the city or county. 3. Where does revenue from this tax go? What does it fund? Most revenue goes toward recreational purposes or a current county necessity. Part Three: Utility Tax © 2015. Grand Canyon University. All Rights Reserved.

Use the sample utility bill provided to answer the questions below. 1. List all of the taxes (percent, amount, etc.) found on the bill. Tax total: $4.32 Percentage: 6.7% Total cost: $68.09 2. Who determines the amount of each tax? The county usually determines this.

3. Where does revenue from this tax go? What does it fund? Revenue goes toward funding school’s plumbing and draining.

Part Four: Property Tax Use the sample property tax statement provided to answer the questions below. 1. List all of the taxes (percent, amount, etc.) found on the statement. 2014

2015

Tax total: $165.44

Tax total: $172.04

Percentage: 1%

Percentage: 1%

Total amount: $17,100

Total mount: $16,984

2. Who determines the amount of each tax? The county and sometimes the state.

3. Where does revenue from this tax go? What does it fund? The revenue usually goes to specific county needs such as the sheriff payment, road repairs, school repairs etc.

Part Five: Summary and Analysis Write a 200-350-word summary below of your findings and what you have learned about how you are taxed. Overall, I believe that I learned quite a bit just from doing some research and from speaking to my parents about their own personal experiences with paying taxes. It was interesting to me seeing all the different things that us American citizens get taxed for. It all makes sense, but I just never really thought about it. Since growing up we don’t really learn about taxes in school anymore, it was eye-opening to see how much money goes into tax funding that we all have to pay. While some people hate taxes because they don’t like getting their money taking away, I think taxes are a good thing; they are what keeps the country going. Ultimately, we choose to live here so we are choosing to pay taxes that allow for our country to be what it is. If no one paid taxes, our cities would look disgusting, the roads would be all messed up, there would be no funding for public schools etc. As a future educator, taxes are huge for being able to keep public schools open so that children have the opportunity to have free education. What I also find kind of cool about taxes is that if you submit your tax returns, you’ll get some money back from the government. So, no one is totally giving up all their money for nothing, everything has a purpose and benefits someone else. It is important to pay it forward to keep this country going....