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?

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?

Federal Tax Notes

Pay Stub Example

Pay Stub Questions

Where your tax dollars go pie chart

LAST DAY TO TURN IN WORK FOR THIS 6 WEEK GRADING PERIOD IS WEDNESDAY, APRIL 22!  NO WORK WILL BE ACCEPTED AFTER WEDNESDAY

Taxes Chart

1. What is the fairest taxation method?  Why? 

2. Read each of the following situations:

·          A city wants to build a new: park, stadium, parking garage, swimming pool, homeless shelter, convention/civic center, or school.

·          The federal government wants to increase the size of the military force.

·          The state government wants to repave all of the state roads.

For each situation, write a short paragraph (2-3 sentences) that:

·          Identifies a type of tax that can be used to generate money for the civic project.

·          Categorizes whether the tax is progressive, regressive, or proportional and explains reasons for the categorization.

·          Justifies why the tax chosen is appropriate for the particular project.

·          Analyzes how it impacts taxpayers.

3. Which income level does a higher proportional tax rate, such as 25 percent, affect the most? Why?

4. Would a low proportional tax rate, such as 5 percent, raise enough money to cover the nation’s needs? Why or why not?

5. Do fixed fees have a place in the larger tax system? For example, states require fees for driver’s licenses. Is such a fee regressive? Is it fair to all income levels?  Explain your opinion on this fee placed on drivers. Or, write a suggestion for an alternative way of collecting a fee from people who seek driver’s licenses.

6. Why do governments impose taxes?

7.  What is the difference between a progressive tax and a regressive tax?

Intro to Taxes Notes

 Kinds of Taxes

Movie Notes- Progressive, Regressive, Proportional Taxes

Exam and notebook check today

Supply and Demand Review Sheet

Exam tomorrow!

SUPPLY AND DEMAND REVIEW

1.        Explain the law of supply using a graph on the your paper

2.        Explain the law of Demand using a graph on your paper

3.        What is an inelastic good? Explain why it is inelastic

4.        What conditions lead to a surplus?

5.        What is an elastic good?  Give an example.

6. What is the point called where supply and demand intersect?

7. Graph an increase in demand and a decrease in supply

8. Explain how the “price of inputs” affects supply

9. Explain how demand changes due to the income effect

10. Explain how demand is affected by the complementary effect.

11. What is a demand schedule?

12.     Goods that have no substitute are what types of demand?

13. Name 4 reasons why supply changes

14. What happens to price if there is a decrease in supply?

15. What happens to price if there is an increase in supply and a decrease in demand?

16.     What 4 things will cause a demand curve to shift?

17.     How can future price affect current demand?

18.     How is elasticity determined?

19.     What is a price floor?  Give an example.

20.     What is a price ceiling?  Why would the government implement this?

Graph the change that would take place for each of the following scenarios.

21.     There is an expectation of higher future prices of all goods for consumers.

22.     Incomes rise for all consumers, what happens to demand for Top Ramen?

23.     The government decides to tax a good heavily.

24.     Foreign producers are now allowed to compete with domestic products.

25.     Producers anticipate higher future prices.

Finished Big Apple Game and graphed data.

Big Apple Game

Complete the Elasticity Worksheet.  You must have taken notes yesterday and understand how to calculate elasticity in order complete the worksheet.
Elasticity Worksheet

Project Presentations tomorrow!!

Today we continued working on the project.  This was the last day in class you will be able to work on it.  Due Friday.

Project Example