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    The document discusses taxes in the United States. It defines federal taxes as those authorized by the U.S. Constitution to be collected by the federal government. State taxes are collected by individual state governments, generally based on residents' earned income. Taxes pay for public services like roads, schools, libraries, police, fire protection, welfare, and social security. The 16th Amendment allows Congress to collect income tax without apportioning it among states. Gross income is one's total wages before deductions, while net income is what remains after expenses and taxes. The document also provides sample salary and tax breakdowns for occupations like orthopedic surgeons and doctors. It lists occupations projected to be highest paying, fastest growing, and have the

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    The document discusses taxes in the United States. It defines federal taxes as those authorized by the U.S. Constitution to be collected by the federal government. State taxes are collected by individual state governments, generally based on residents' earned income. Taxes pay for public services like roads, schools, libraries, police, fire protection, welfare, and social security. The 16th Amendment allows Congress to collect income tax without apportioning it among states. Gross income is one's total wages before deductions, while net income is what remains after expenses and taxes. The document also provides sample salary and tax breakdowns for occupations like orthopedic surgeons and doctors. It lists occupations projected to be highest paying, fastest growing, and have the

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    The document discusses taxes in the United States. It defines federal taxes as those authorized by the U.S. Constitution to be collected by the federal government. State taxes are collected by individual state governments, generally based on residents' earned income. Taxes pay for public services like roads, schools, libraries, police, fire protection, welfare, and social security. The 16th Amendment allows Congress to collect income tax without apportioning it among states. Gross income is one's total wages before deductions, while net income is what remains after expenses and taxes. The document also provides sample salary and tax breakdowns for occupations like orthopedic surgeons and doctors. It lists occupations projected to be highest paying, fastest growing, and have the

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    31 views2 pages

    Career

    Uploaded by

    api-302638588
    The document discusses taxes in the United States. It defines federal taxes as those authorized by the U.S. Constitution to be collected by the federal government. State taxes are collected by individual state governments, generally based on residents' earned income. Taxes pay for public services like roads, schools, libraries, police, fire protection, welfare, and social security. The 16th Amendment allows Congress to collect income tax without apportioning it among states. Gross income is one's total wages before deductions, while net income is what remains after expenses and taxes. The document also provides sample salary and tax breakdowns for occupations like orthopedic surgeons and doctors. It lists occupations projected to be highest paying, fastest growing, and have the

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    of 2

    Part 1: What are Taxes

    1. What are Federal Taxes? The U.S. Constitution authorizes the federal government to collect
    various types of taxes from you.

    2. What are State Taxes? Each state as a tax system which collects money, generally, from
    residents of that state based on their earned income .
    3. Why do we have to pay taxes? The government uses taxes to pay for things that most
    people use, such as roads, schools, libraries, police and fire
    protection. Taxes also pay for special programs like welfare and social security.
    4. What is the 16th amendment to the Constitution? allows the Congress to levy an income
    tax without apportioning it among the states or basing it on the United States Census.
    5. What is Gross Income/Salary? amount of his wages before any deductions, including
    taxes and benefits
    6. What is Net Income? entity's income minus cost of goods sold, expenses and taxes for
    an accounting period.

    Part 2: Salary and Taxes

    CA careerzone
    Occupation
    Orthopedic Surgeon
    Internists, General
    doctor

    Lowest
    Gross
    Salary
    $231,120
    $199,210

    Federal
    Deduction
    %
    33%
    = $76,269
    33%
    =65,739

    State
    Deduction
    %
    9.30%
    =$ 21,494
    9.30%
    =18,526

    Annual Net
    Salary

    Monthly
    Net
    salary

    $133,357

    $11,113

    $114,945

    $9,578

    Part 3: Occupation Projections 2012-2022

    Highest paying:
    Fastest growing
    most New Jobs
    1
    Oral and maxillofacial surgeons

    Industrial-organizational psychologists

    Personal care aides

    Physicians and surgeons, all other

    Personal care aides

    Registered nurses

    Surgeons

    Home health aides

    Retail salespersons

    Obstetricians and gynecologists

    Insulation workers, mechanical

    Home health aides

    Interpreters and translators

    Combined food preparation and serving

    Internists, general

    workers, including fast food

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