Ron Larson
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5.1 Flat Tax & Political Philosophy

5.1 Flat Tax & Political Philosophy
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  • 1. Indiana Income Tax

    Determine how much state income tax the person owes. (See Example 1.)

    A person who lives in Indiana has a taxable income of $49,000.

    • Worked-Out Solution

      Line 7 on the state income tax form is $49,000.

      The state income tax is 3.4% of Line 7.

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      ______   __   __   __   _      ___     __   _   
 /_   _//  \ \\/ // | || | ||   / _ \\  | || | || 
   | ||     \ ` //  | '--' ||  | / \ || | '--' || 
  _| ||      | ||   | .--. ||  | \_/ || | .--. || 
 /__//       |_||   |_|| |_||   \___//  |_|| |_|| 
 `--`        `-`'   `-`  `-`    `---`   `-`  `-`
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  • 2. Indiana Income Tax

    Determine how much state income tax the person owes. (See Example 1.)

    A person who lives in Indiana has a taxable income of $2,500,000.

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      _____      ___      _  __     ___              
 |__  //    / _ \\   | |/ //   / _ \\      ___   
   / //    / //\ \\  | ' //   | / \ ||    /   || 
  / //__  |  ___  || | . \\   | \_/ ||   | [] || 
 /_____|| |_||  |_|| |_|\_\\   \___//     \__ || 
 `-----`  `-`   `-`  `-` --`   `---`       -|_|| 
                                            `-`
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  • 3. Michigan Income Tax

    Determine how much state income tax the person owes. (See Example 1.)

    A person who lives in Michigan has a taxable income of $25,000.

    • Worked-Out Solution

      Line 16 on the state income tax form is $25,000.

      The state income tax is 4.35% of Line 16.

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      ____       ___     __   __   _    _    __   __  
 |  _ \\    / _ \\   \ \\/ // | || | ||  \ \\/ // 
 | |_| ||  | / \ ||   \   //  | || | ||   \   //  
 | .  //   | \_/ ||   / . \\  | \\_/ ||   / . \\  
 |_|\_\\    \___//   /_//\_\\  \____//   /_//\_\\ 
 `-` --`    `---`    `-`  --`   `---`    `-`  --`
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  • 4. Michigan Income Tax

    Determine how much state income tax the person owes. (See Example 1.)

    A person who lives in Michigan has a taxable income of $60,000.

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      ______    _____     _____     ______    _____   
 /_   _//  |  ___||  |__  //   /_   _//  / ____|| 
 `-| |,-   | ||__      / //     -| ||-  / //---`' 
   | ||    | ||__     / //__    _| ||_  \ \\___   
   |_||    |_____||  /_____||  /_____//  \_____|| 
   `-`'    `-----`   `-----`   `-----`    `----`
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  • 5. Taxable Income

    Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)

    $100 gift card you receive from your parents

    • Worked-Out Solution

      According to current IRS tax regulations, taxpayers are allowed to give and receive small amounts without paying tax. Therefore, the $100 is not taxable.

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                 ___      _____    _    _    __   _   
    ___     / _ \\   |__  //  | || | || | || | || 
   /   ||  / //\ \\    / //   | || | || | '--' || 
  | [] || |  ___  ||  / //__  | \\_/ || | .--. || 
   \__ || |_||  |_|| /_____||  \____//  |_|| |_|| 
    -|_|| `-`   `-`  `-----`    `---`   `-`  `-`  
     `-`
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  • 6. Taxable Income

    Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)

    $2000 per year scholarship you receive for college tuition

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     _    _    _    _               ______   _    _   
| || | || | || | ||     ___    /_   _// | \  / || 
| || | || | || | ||    /   ||   -| ||-  |  \/  || 
| \\_/ || | \\_/ ||   | [] ||   _| ||_  | .  . || 
 \____//   \____//     \__ ||  /_____// |_|\/|_|| 
  `---`     `---`       -|_||  `-----`  `-`  `-`  
                         `-`
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  • 7. Taxable Income

    Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)

    $ 250 bonus you receive from your employer

    • Worked-Out Solution

      Any bonuses or awards received by an employer are taxable. This also applies to noncash prizes such as vacations or other goods and services.

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      ____      ______    ______    _____     _____   
 |  _ \\   /_   _//  /_   _//  |  ___||  /  ___|| 
 | |_| ||   -| ||-   `-| |,-   | ||__   | // __   
 | .  //    _| ||_     | ||    | ||__   | \\_\ || 
 |_|\_\\   /_____//    |_||    |_____||  \____//  
 `-` --`   `-----`     `-`'    `-----`    `---`
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  • 8. Taxable Income

    Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)

    $5000 prize you receive from a game show

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      ____      ______    ______     ___     _    _   
 |  _ \\   /_   _//  /_   _//   / _ \\  | \  / || 
 | |_| ||   -| ||-     | ||    | / \ || |  \/  || 
 | .  //    _| ||_    _| ||    | \_/ || | .  . || 
 |_|\_\\   /_____//  /__//      \___//  |_|\/|_|| 
 `-` --`   `-----`   `--`       `---`   `-`  `-`
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