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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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