COMPANY NAME Earnings Statement Sample Company Name, Sample

Question

COMPANY NAME EARNINGS STATEMENT Sample Company Name, Sample Address Complete all five parts of the worksheet. Part One: Income Tax Use the sample pay stub provided to fill in the table below. Who Determines the Amount of Tax? Services the Tax is Applied Towards Federal Tax State Tax Social Security Tax Medicare Tax Other (Please specify). 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. 2. Who determines the amount of each tax? 3. Where does revenue from this tax go? What does it fund? 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. 2. Who determines the amount of each tax? 3. Where does revenue from this tax go? What does it fund? 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? 3. Where does revenue from this tax go? What does it fund? Part Five: Summary and Analysis Write a -word summary below of your findings and what you have learned about how you are taxed.

Dr. Jack HW Helper · Accepted Answer

Understanding taxation is crucial for individuals and businesses alike, as taxes play a significant role in funding government services, infrastructure, and various public programs. In this paper, I will analyze the different types of taxes showcased in the provided documentation, including income tax, sales tax, utility tax, and property tax, while also exploring the mechanisms behind these taxes and their respective impacts. Part One: Income Tax Income tax is typically levied by federal and state governments on the income earned by individuals and corporations. Based on the sample pay stub provided, critical components that determine the amount of income tax withheld include: Federal Tax: Determined by the IRS based on income brackets and filing status. State Tax: Varies by state laws and regulations, typically based on the individual's income level. Social Security Tax: A fixed percentage (6.2% for employees) of gross earnings, contributing to the Social Security program. Medicare Tax: A fixed percentage (1.45% for employees) that funds Medicare services. High earners may be subject to an additional Medicare tax. The revenue from these taxes typically funds federal and state services, including education, healthcare, infrastructure maintenance, and social security programs (Smith, 2021). Part Two: Sales Tax Sales tax is collected on the sale of goods and services, implemented at various levels, including state, county, and city. Utilizing the sample sales receipt: List of applicable taxes: Sales Tax: Generally around 6-10% depending on the state. Special Assessment Taxes: Such as city-specific taxes, which can vary. Sales tax amounts are determined by state laws and vary by locality, with revenues being allocated for public services, infrastructure developments, and education funding (Jones, 2022). Part Three: Utility Tax Utility taxes are applied to the bills for basic services such as electricity, water, and gas. Upon reviewing the utility bill sample: List of

COMPANY NAME Earnings Statement Sample Company Name, Sample ✓ Solved

COMPANY NAME EARNINGS STATEMENT Sample Company Name, Sample Address

Paper For Above Instructions

Part One: Income Tax

Part Two: Sales Tax

Part Three: Utility Tax

Part Four: Property Tax

Part Five: Summary and Analysis

References