TAILIEUCHUNG - Lecture Issues in economics today - Chapter 36

After studying this chapter you will be able to understand: What is land? Economic rent, are prices high because rents are high, or are rents high because prices are high? What is capital? How is the interest rate determined? The net productivity of capital, the capitalization of assets, the present value of future income, how are profits determined? Theories of profit. | Chapter 36 Personal Income Taxes Chapter Outline HOW INCOME TAXES WORK ISSUES IN INCOME TAXATION INCENTIVES AND THE TAX CODE THE TAX DEBATE OF THE 1990s AND BEYOND Where Personal Income Taxes Fit In 2000 the federal government collected $1,956 billion in taxes. $952 billion of that was collected from the personal income tax. The remainder was collected in payroll taxes (for Social Security and Medicare), corporate income taxes, tariffs and other taxes. How Income Taxes Work When people get a new job they fill out a W-4 which is used to calculate withholding (an estimate as to how much tax you are going to owe on the earned income). This money is taken out of a paycheck and sent, by the employer to the federal government. The estimate is reconciled with actual income taxes owed with the Income Tax Return filed by April 15th of the following year. The Vocabulary of Income Taxes Adjusted Gross Income (AGI) total net income from all sources Exemptions an amount by which AGI is reduced .

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