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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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