Answer

POS-301: Analyzing Tax Worksheet

Complete all five parts of the worksheet.

Part One: Income Tax

Use the sample pay stub provided to fill in the table below.

Part Two: Sales Tax

Use the sample sales receipt provided to answer the questions below.

1. List all of the taxes (percent, amount, etc.) found on the receipt.

Tax = $ 0.77

Percent = 8.5%

Total tax amount = $ 9.76

2. Who determines the amount of each tax?

This count be city, county or state organ, mandated with the respsonsbility of tax determination

3. Where does revenue from this tax go? What does it fund?

Recreation, or paying the peole who work at the city. In case it is county sales tax, then the country decides how to spend it.

Part Three: Utility Tax

Use the sample utility bill provided to answer the questions below.

1. List all of the taxes (percent, amount, etc.) found on the bill.

Tax = $ 4.32

Percent = 6.7%

Total amount = $ 68.09

2. Who determines the amount of each tax?

The county is mandated to determine the amount of taxes

3. Where does revenue from this tax go? What does it fund?

The revenue goes to the specific schools. The  funds are used to fund school maintenance activties, such as plumbing and drains

Part Four: Property Tax

Use the sample property tax statement provided to answer the questions below.

1. List all of the taxes (percent, amount, etc.) found on the statement.

2. Who determines the amount of each tax?

The county is mandated to determine  the tax rate. The state also some hand in determination of taxes.

3. Where does revenue from this tax go? What does it fund?

It  funds the varius functioninngs of the county, such as shriff, construction of roads, and the county schools.

Part Five: Summary and Analysis

Write a 200-350-word summary below of your findings and what you have learned about how you are taxed.

In my findings, I have been helped so much by the samples which are accessible online. These samples have all the tax information which were needed in this research.  My mother also helped me to identify the various websites, with critical information on tax and tax rates.  She helped me in understanding the various tax information and how relevant these pieces of information were relevant to my assignment. Tax is actually an obligation, which is expedited by the various state organs and departments on behalf of the city (Brooks, 2015). Every necessities of life which we consume are taxed as we buy from the shops.  I realized that there are various tax rates, which put on these necessities. The rate is based on the original price, and it is used in determination of the final price charged to the final consumer.

Many people especially business people do not like tax, as they make their operational costs high. Some people on the other hand, do not care as much and fill out their taxes. Most of these are autonomous consumers. Autonomous consumers are those who consume, yet they are not able to earn income. Most of these are the elderly and young children. I have learned that tax is actually an involuntary activity. This is to mean that, irrespective of it being appreciated, it has to be charged, so as to fund the government’s activities. I have learned that the weightiness of the various activities funded varies. I have learned that, things such as sheriffs or firefighters  are more important. Another important thing is funds which fund activities of schools, such as plumbing and connection of electricity (Brooks, 2015). I also find out that, some tax goes towards recreational buildings or historical restoration, which was quite interesting.