Tax Jeopardy

Tax review questions

1. What type of tax does the Federal government get most of their money from?  What about State government? What about Local government?

2. What is an excise tax?

3. What is cyclical unemployment?  Give an example.

4. What is seasonal unemployment?  Give an example.

5. What is a progressive tax mean? Who does it impact the most?

6.  What are the four characteristics of a good tax?  Explain the meaning of each.

7. What is a customs tax? Is it progressive?

8. What is structural unemployment?  Give an example.

9. What is a regressive tax? What types of taxes are regressive?

10. What are the characteristics of an expansion period?

11. What are the characteristics of a contraction period?

12. When does cyclical unemployment take place?

13. How do frictional and structural unemployment differ?

14. What are the 3 main indicators of the economy?

15. What is Gross Domestic Product?

16.  Explain how proportional taxes work.

17. What form do you fill out when you get a job?  How is the form used?

18. What is a W2?

19. Why do you fill out a 1040?

20. What is pay-as-you-earn taxation?

Unemployment DBQ

Prezi on Unemployment: http://prezi.com/3zgtoinox-mf/copy-of-eco-chapter-13-section-1/

Business Cycles Notes: https://docs.google.com/file/d/0B_gpVfHfuRG2dVVfOUdqTTUxNmc/edit?usp=drive_web

Chapter 12 Section 2

1.  What are the 4 phases to a business cycle? Draw a pictorial representation of a business cycle.

2.  What are the contributing factors to each phase regarding GDP?

3.  What is stagflation?  Why is it a problem when an economy experiences it?

4.  What are the 4 main economic variables that affect business cycles?

5.  How can interest rates push a business cycle into a contraction?

6.  How did the Great Depression affect economists’ beliefs about the macroeconomy?

7.  At what point of the business cycle would you want to be?  In 1-2 sentences explain your reasoning.

 

Today we discussed/showed what the W2, W4,  and 1040EZ forms are.

Complete the Tax Tables Assignments
Tables: https://docs.google.com/file/d/0B_gpVfHfuRG2VHVyaXVqdzdFQ00/edit?usp=drive_web
Questions: https://docs.google.com/file/d/0B_gpVfHfuRG2WFBsajJVRHBuM1k/edit?usp=drive_web

14.2 Questions

1. Why do employers withhold a set amount of your income?
2. What is taxable income?
3. What does Social Security provide?
4. What is Medicare?
5. What items are taxed for the purpose of changing behavior?
6. Explain pay-as-you-earn taxation.
7. What is the purpose of FICA?
8. Describe withholding and explain how it would affect someone with a part-time job.
9. How much of the federal government’s income comes from individual income tax?

10. What is the difference between an estate tax and a gift tax?

14.2 Notes: https://docs.google.com/file/d/0B_gpVfHfuRG2cnFiVWItMWQxRGs/edit

Pay Stub: https://drive.google.com/file/d/0B_gpVfHfuRG2QzBIQ0E5eDEwaUU/edit?usp=sharing

Questions: https://drive.google.com/file/d/0B_gpVfHfuRG2bEZBR3dPRGRhUEU/edit?usp=sharing

Where your tax dollars go pie chart: http://money.cnn.com/2014/04/11/pf/taxes/how-federal-income-taxes-are-spent/index.html?hpt=hp_t3

Tax Questions: https://drive.google.com/file/d/0B_gpVfHfuRG2M0M0T2dOaDJGb3c/edit?usp=sharing

Tic Tac Taxes Worksheet: https://drive.google.com/file/d/0B_gpVfHfuRG2Ml9NcVdRVDdlX1U/edit?usp=sharing

Chapter 14 Section 1 Questions

1. List 10 things that are taxed.  Label each as being either Income, Sales, or Property
2. Why do governments impose taxes?
3. What are the four characteristics of a good tax?  Explain the meaning of each.
4. What is the difference between a progressive tax and a regressive tax?
5. Describe the benefits-received principle.  How does it differ from the ability-to-pay principle?
6. Could we thrive in a society where taxes aren’t taken?  Where they are optional?  Explain.
7. Explain the impact of the power to tax as expressed in the Constitution on tax policies today?
8. Salem has decided to levy a tax to raise money for construction, road maintenance, and other expenses for schools.  Should the tax they impose be proportional, progressive, or regressive?  Explain your answer.

Intro To Taxes Notes:https://drive.google.com/file/d/0B_gpVfHfuRG2RFZwUWlSZ0FxTzQ/edit?usp=sharing

Finished the Supply/Demand Exam

Supply/Demand Exam
Notebook Check Today!