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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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