About This Chapter
Personal Taxes - Chapter Summary
An understanding of the types of taxes you pay is important financial knowledge. This chapter examines all kinds of taxes, including income taxes, payroll taxes and real estate taxes and look at how they are determined. You can also examine formulas that determine the amount of taxes. After you've watched a lesson, complete a short quiz on the topics covered and see if there is any information in the lesson you need to further review. These lessons look at tax topics including:
- How the government uses personal taxes
- What the Internal Revenue Service (IRS) does
- Arguments for and against a progressive tax system
- The differences between payroll and property taxes
- How to decrease tax liability
|Purpose & Types of Personal Taxes||Get information on types of taxes and how governments use tax money.|
|The Federal Tax System: Filing Taxes & Auditing||Find out more about how the IRS works, including the auditing process.|
|Income Tax: Tax Liability & Deductions||Learn how to use a person's tax filing status to determine the amount of taxes owed.|
|Progressive Tax System: Definition, Pros & Cons||Explore how the progressive tax system works and look at its advantages and disadvantages.|
|Corporate Tax Rate: Definition & Formula||See how corporate taxes are calculated.|
|Understanding the Progressive Tax Code||Examine the definition of a progressive tax and how it works.|
|What is Payroll Tax? - Definition & Example||Discover what payroll taxes are and how they are applied.|
|Interest in Real Property: Types of Estates||Learn about types of estates.|
|Personal Tax Planning||Understand methods for reducing tax liability.|
1. Purpose & Types of Personal Taxes
In this lesson, you'll learn about five types of personal taxes: sales, payroll, income, capital gains, and property tax. We'll discuss the uses of each tax and provide examples.
2. The Federal Tax System: Filing Taxes & Auditing
In this lesson, we'll define the function of the Internal Revenue Service and discuss the process of tax preparation. We'll also explore two methods of filing taxes and learn how tax audits are completed.
3. Progressive Tax System: Definition, Pros & Cons
Find out what a progressive tax system is and why the system in the United States is considered progressive. Learn about the debate over tax systems and some of the biggest arguments for and against a progressive tax.
4. What is Payroll Tax? - Definition & Example
This lesson will define the payroll tax and explore the various types of payroll taxes. Also, an example that looks at payroll taxes from the viewpoint of the employee will be provided.
5. Income Tax: Tax Liability & Deductions
In this lesson, we'll discuss allowable deductions that reduce taxable income. You'll learn about each deduction and its limitations. We'll also explore how to calculate tax liability after subtracting deductions.
6. Corporate Tax Rate: Definition & Formula
In this lesson, we'll define corporate tax rates and explore how to calculate corporate tax based on a formula. You'll also learn about the United States' graduated tax system and look at examples to fully grasp the concepts discussed.
7. Understanding the Progressive Tax Code
In this lesson, learn what a progressive tax code is, how to recognize it, and what the alternatives are. Then, learn the differences between the three tax codes: progressive, regressive and proportional. Finally, learn how sales tax would impact progressivity.
8. Income Tax Issues in Personal Investments
In this lesson, we'll define income tax. You'll learn about three types of investments: stocks, bonds and real estate. We'll also discuss the various types of income received from these investments and their tax treatment.
9. Personal Tax Planning
In this lesson, we'll discuss income tax and its purpose. You'll also learn how to reduce your tax liability with itemized deductions, flexible spending accounts, home office expenses and retirement contributions.
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