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Financial Literacy

Financial Literacy

Home Financial Literacy Taxes Shmaxes

Taxes Shmaxes

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Taxes: The ABC's, 123's and W-2's

A road. The gas in that Navy trawler protecting the coast line from evil people. Your local cop’s salary. School teachers’ salaries. Subsidies for U.S. farmers so that they don’t go bankrupt...

Why Tax?

Taxes exist to pay government bills – they have been around as long as there has been government. Need a pyramid? Tax the people (in one way or another…) Need a war? Tax the tea. Need a manned...

Why Should I Care?

It’s “your” money. Or is it?You’re consuming air that’s hovering over this country. Shouldn’t we tax the air? You occupy land. You whiz in repositories for long tubes that then pollute...

Philosophy of Tax: Adam Smith

Nobody (who is rational) enjoys paying taxes. As unfair as it may seem, however, taxes do have a purpose and, in the American system, much of that purpose is modeled after the tax philosophies of A...

The Purpose of Taxes

Even with Adam Smith’s principles for how taxes should be levied and collected, there still remains the question about the purpose of our tax dollars. Is everyone just partying it up out there in...

Mi Taxes Es Not Necessarily Su Taxes

We’ve got some brief stories to tell you about three different types of people and how they are affected by taxes during the course of their lives. And just so you know, here’s a peek at what a...

Differences Between Federal and State

Tax Flavors: Income, Sales, Ownership, Use, To Be Legal…Taxes come in a wide variety of flavors. Sometimes you may need more than one scoop. Sometimes you’ll want it in a cup, sometimes in a co...

Types of Taxes on Income

Payroll TaxesPayroll Taxes are the taxes that employers are required to withhold from employees pay for the purpose of paying the federal income tax. This process is known as withholding, but feder...

State Budgets

One of the beauties of living in a federalist system (one where states and the national government have separate powers) is that individual states can choose what they want to tax and how they want...

State Taxes

Income TaxForty-three states impose some level of income tax in addition to the federal income tax. Of the states that do impose income taxes, the highest is California, where the top marginal tax...

How Do I Know if I Need to File a Tax Return?

In the United States, whether or not you need to file a tax return depends on the following:• Your gross income (“You only make 24k a year? Ew – gross!”)• Filing status• Age• If you a...

Filing State and Local Taxes

State and local taxes come from transaction taxes, such as sales tax; income taxes, the money withheld from your paycheck; and property taxes from homeowners. The type and amount of tax varies from...

Fairness

When discussing taxes, there’s a central question that revolves around what’s fair. Let’s say your dad is an independent trucker. He works his tail off 90 hours a week to send you to college...

Deductible: Home Mortgage from a Tax Perspective

Budgets: Federal v. State

Retirement

Retirement“The only thing you should ever re-tire is your car.”-Irving P. SiminoffLos Altos, California, 2003Ever been cold? Like cold because you can’t pay for heat? Now add to that notion t...

Taxes Destroying Revenues

Range of Taxes from Estate to Travel

Glossary

1040 - the 1040 is filled by any individual who meets the minimum requirements for filing taxes. The 1040 has been in use since the income tax amendment was passed in 1913. The 1040 consists of two...

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