Chapter 23 Key Concepts

Chapter 23 vocabulary

Ch 23 Sec 2

1.) Why is it important to build up work credits? Because once you have built up enough credits, then you can begin to receive benefits.2.) Why is the program of benefits discussed in this section called Social Security? It enables people to receive a source of income after retirement.3.) What may happen to social security by the time you retire if the system isn’t changed soon? There may not be any social security for my generation when I retire.Basic skills Math- Suppose you bought an exercise machine for $161, books for $ 36, CD’s for $32 and a watch for $45. If the state sales tax is 4 percent, how much did you spend?First, you add up all the prices.161+36+32+45= 274Then you multiply it by the percentage.274*.04=10.96Next you add that to the original total.274+10.96=284.96

Ch 23 Sec 1

1.) List the five characteristics of a good tax system. Why are these features desirable? Assemble your records, get the forms, conceder online forms, take your time, and keep a copy.2.) How do the amount of money you earn and the amount withheld determine whether you owe tax income? A form that shows you how much you earned from working and made from other sources, it also shows you how much tax you owe.3.) How will understanding such terms as exemption, dependent, and deduction help you complete a tax return? Exemption = Fixed amount of money that is excused from taxes and the dependent is some one whom you support such as a child. Deduction = an expense that you are allowed to subtract from your income also includes like medical or business expenses

Chapter 23 Summery

Chapter 23 is a chapter of two lessons where it teach you how to do taxes and how they work, where do they go and etc., section 23.1 talks about taxes that are payments that people must make to support federal, state, and local governments. Common taxes include income taxes. It also talks abut the tax dollars that pay for a wide range of services, such as education, transportation, and military services, it also shows you how can you influence the way that tax dollars are spent by voting for officials who represent our views, a good tax system should be fair, simple, convenient, stable, and flexible.When your income tax return shows how much income you received and how much tax you owe, and from your w-4 you will tell your employer how much tax to withhold and from the w-2 you will be able to find out how much you earned. Then section 23.2 is about the money that social security benefits comes chiefly from social security taxes paid by workers and employers and how the government uses you social security number to keep track of your contributions and work history and the benefits include disability benefits survivors’ benefits, retire benefits, and health insurance benefits and it talks abut the two state run programs that provide benefits for workers are unemployed insurance and workers’ comensation.

11/13/08 Late

I was late today.

Week 23 Schedule

2/09/08(Sat): 3-11
2/10/08(Sun):2:30-12
2/11/08(Mon):OFF
2/12/08(Tue):OFF
2/13/08(Wed):OFF
2/14/08(Thur):OFF
2/15/08(Fri):5-12