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Lecture Focus on personal finance: An active approach to help you develop successful financial skills (2e) - Chapter 3

Chapter 3 - Taxes in your financial plan. In this chapter, you will learn to: Identify the major taxes paid by people in our society, calculate taxable income and the amount owed for federal income tax, prepare a federal income tax return, select appropriate tax strategies for various life situations. | Start planning for taxes . Know current tax laws as they affect you Maintain complete and appropriate tax records Make purchase and investment decisions that reduce tax liability Goal: Paying your fair share but still taking advantage of available tax benefits 3 Taxes in Your Financial Plan Planning Your Tax Strategy 3- Objective 1 Identify the Major Taxes Paid by People in Our Society Taxes on Purchases Sales tax and excise tax (e.g., gas, cigarettes) Taxes on Property Real estate property tax Personal property tax Taxes on Wealth Federal estate tax State inheritance tax Taxes on Earnings Income tax and Social Security tax 3- The Progressive Nature of the Federal Income Tax Progressive tax – takes a larger percentage of income from high-income taxpayers than low-income taxpayers. Federal income tax Regressive tax – as income rises, the tax demands a decreasing proportion of a person’s income as income increases. State sales tax Objective 2 Calculate Taxable Income and the Amount Owed for Federal Income Tax Step 1: Determine AGI Gross income: Earned income (wages, salary, tips, bonuses) Investment income (dividends, interest) Passive Income (business limited partnerships) AGI = Adjusted Gross Income Gross income minus adjustments 3- Objective 2 Calculate Taxable Income Step 2: Computing Taxable Income Tax deduction = amount subtracted from adjusted gross income (AGI) to arrive at taxable income Standard deduction Itemized deductions 3- Calculate Taxable Income Exemptions Exemptions also subtracted from AGI An exemption = a deduction for yourself, your spouse, and qualified dependents (increases annually for inflation) After deducting deductions and exemptions from AGI, you have taxable income 3- Objective 2 Calculate Taxes Owed Step 3: Calculating Taxes Owed Tax table rates = marginal rates The tax rate paid on the last (or next) dollar of taxable income. Example: After deductions and exemptions, a person in the 35% tax bracket pays 35 cents | Start planning for taxes . Know current tax laws as they affect you Maintain complete and appropriate tax records Make purchase and investment decisions that reduce tax liability Goal: Paying your fair share but still taking advantage of available tax benefits 3 Taxes in Your Financial Plan Planning Your Tax Strategy 3- Objective 1 Identify the Major Taxes Paid by People in Our Society Taxes on Purchases Sales tax and excise tax (e.g., gas, cigarettes) Taxes on Property Real estate property tax Personal property tax Taxes on Wealth Federal estate tax State inheritance tax Taxes on Earnings Income tax and Social Security tax 3- The Progressive Nature of the Federal Income Tax Progressive tax – takes a larger percentage of income from high-income taxpayers than low-income taxpayers. Federal income tax Regressive tax – as income rises, the tax demands a decreasing proportion of a person’s income as income increases. State sales tax Objective 2 Calculate Taxable Income and the .