Economics - Taxes & National Budget

Taxes and our National Budget                

Helpful Websites – free to use others as well

• Taxes Brackets:  http://www.tax-brackets.org/federaltaxtable
• Where our Taxes Go: https://www.nationalpriorities.org/interactive-data/taxday/?gclid=Cj0KEQjwtb6hBRC_57Pvyfn66LsBEiQAtlFVu7TGTgWpWsFbJuE99qz8Jv-IJEkj6dWs6L7uBdnf9S4aAqcE8P8HAQ
• http://billmoyers.com/2014/04/14/the-surprising-truth-behind-tax-day-where-your-taxes-go/
• Who the U.S. Gov’t owes money to: https://www.nationalpriorities.org/campaigns/us-federal-debt-who/
• Projected 2014-2024 CBO Deficits: http://www.cbo.gov/publication/45229
Political Party: http://www.isidewith.com/political-quiz

1.      What are all of the taxes listed on your paycheck as an Indiana resident?

  

2.      What is the difference between gross and net income on your paycheck? Which one should you use to create a budget for yourself?

  

3.      What does the government use tax dollars for both at a local and national level in terms of public goods?

  

4.      What are the 3 main types of tax structures?? Briefly explain each.

1.       

2.       

3.       

5.      The following taxes fit into which of the 3 structures?:

1.      Social Security -

2.      Federal Income tax -

3.      Sales tax -

4.      Medicare -

5.      Indiana Income tax -

6.      If your wages or salary was $32,000/year, and you filed taxes as a single, what marginal percentage of taxes will you pay (This is not the amount of federal taxes you actually pay though)? Use Tax Brackets website.

• $32,000/year -        %                          Amount of money this equals:

• $200,000/year -      %                          Amount of money this equals:

7.      If you make $60,000, where did your tax dollars go and how much went where (ID 3 areas)?

 8.      Based on your income and the amount of taxes you pay in question 7, what type of house can you afford – i.e. Approximately what do you think your monthly mortgage payment could be?

  

9.      How many total tax dollars did the government gain in revenues for 2013? How much did we spend?

 1.      Do the costs of any of our government programs exceed the benefits in your opinion? Why and how could they be changed?

  

2.      What is our approximate projected 2014 National Budget Deficit? 

10.  What is our current National Debt (approximately the dollar amount)?

  

11.  List the 2 most important things that would help reduce our National Debt (be specific here, don't just say, “spend less”).

  

12.  How will our national debt affect you as an individual AND our economy as a whole.

13.  Is our government spending a part of fiscal or monetary policy? Why?

  

14.  What taxes do you currently pay as a student? List them all.