Horrible Thought for the Day Did you ever notice that when you put the two words “The" and "IRS"...
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Transcript of Horrible Thought for the Day Did you ever notice that when you put the two words “The" and "IRS"...
![Page 1: Horrible Thought for the Day Did you ever notice that when you put the two words “The" and "IRS" together it spells "THEIRS"?](https://reader035.fdocuments.net/reader035/viewer/2022072005/56649cf45503460f949c306e/html5/thumbnails/1.jpg)
Horrible Thought for the Day
Did you ever notice that when you put the two
words “The" and "IRS" together it spells
"THEIRS"?
![Page 2: Horrible Thought for the Day Did you ever notice that when you put the two words “The" and "IRS" together it spells "THEIRS"?](https://reader035.fdocuments.net/reader035/viewer/2022072005/56649cf45503460f949c306e/html5/thumbnails/2.jpg)
Course Resources
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Course Resources
Text book
My Web Page
MSTC Educator Web site
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INCOME TAX ACCOUNTING
• Who must pay income taxes?
• What things are taxable?
• What is not taxable?
• What is the income tax rate?
• How are taxes paid?
• What are income taxes used for?
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ONE GOOD REASON TO WISH YOU LIVED IN 1917
• The top Federal tax bracket was 7%
• Today’s top is ???
• Federal income tax was first introduced as an amendment to the U.S. Constitution
• Which amendment is this?
• In 1913 married couples’ incomes of $4,000 to $20,000 were taxed a flat 1%
• Today’s rate for this group is ???%
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TAX TRIVIA
1913• Only 357,598
personal income tax returns were filed
2006• 135,901,700 personal
tax returns were submitted
• Over 74 million were submitted electronically
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TAX TRIVIA
1913• According to the 1910
census, the U.S. population was 91,972,266
• only .3% of the population made enough money to be taxed
2006• The current
population is• ???
• 44% of today’s population pays taxes
• Overall average tax is 12.1% of adjusted gross income
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TAX TRIVIA
1913• Only five households
made more than $1 million
• Tax collected was $35 million
• In 1934--$420 million
2006• 1 out of every 500 have
income over $1 million • Tax collections totaled
$966,877,000,000• 1,552,000 returns
reported gambling income of $18,745,000
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TAX TRIVIA
1913• Before income tax,
the government relied on import taxes and “sin” taxes on alcohol and tobacco
• Only 10% of the government’s revenue came from the income tax
2006• 101,208,000 refunds
were issued• 49% were electronic• Total refunds were
$229.1 billion• Average refund was
$2,264
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Tax Trivia
• Gross Federal Debt
–1940
•$50,696 million
–2006
•$8,707,627 million
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Tax Trivia
• The top 50% of income earners
–Paid 96% of all Federal tax
• The top 1% of income earners• Paid 30% of all Federal tax
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Tax Trivia
• States with no state income tax:– Florida– Nevada– South Dakota– Texas– Wyoming– Washington D.C.
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IRS Web sites
• Student Homepage
• IRS Warns of e-Mail Scam about Tax Refunds
• Tax Information for Individuals
• Internal Revenue Service
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WISCONSIN INCOME TAX• First state to adopt a successful
income tax
• Tax enacted in 1911, collecting $1.6 million
• Tax was distributed 70% to local towns, 20% to counties, 10% to state
• 2003 A.G.I--$109,876,610,000
• Per return = $40,654
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WISCONSIN INCOME TAX• $3.726 billion in taxes collected• which represents $10.8 million per day• Income tax represents 50% of total state taxes• 2.9 million tax returns filed in 2004• 2.3 million refunds issued• representing 3.5 million people of total
population of 5. million• 50% of tax returns were single filers• 70% of returns were the long form• Collection of income taxes are expected to rise
approximately 6% this year
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Tax Forms
• Most Public Libraries
• www.irs.gov
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WIS Tax Web sites
• Wisconsin Department of Revenue Home
• Individuals - Wisconsin Department of Revenue