Question

In groups of up to 4 students, please create a video answering one of the following questions. The question will be assigned to you. 1. Income taxes on the business and statutory remittances for employees; 2. Employer Health Tax and Worker's Compensation remittances; 3. Good and Servies Tax (GST) and Provincial Sales Tax (PST) 4. Interest and penalties owing on unpaid taxes and tax avoidance and tax evasion. Your video should be no longer than 3 minutes in length. You may divide the labour to create the video in any manner you wish. One student may research the topic, 1 may draft the script, 1 may perform the video, and 1 may be the videographer (for example).

Answer 1

Taxes are vital for government operations, encompassing business income and employment taxes, as well as individual federal income taxes. These funds facilitate government spending across various levels, impacting the economy and taxpayers' financial burden. The IRS oversees tax assessment, with tax laws subject to political influence.

Step-by-step explanation:

Economic Impact of Taxes on Businesses and Individuals

Taxation is a critical aspect of a government's ability to operate and provide services.

Business owners are required to pay various forms of taxes such as income tax, employment tax, social security insurance, and excise tax.

Similarly, individuals are subject to federal income taxes and can also encounter other taxes depending on their location and activities.

Deductions from an employee's wages, including income tax and social security contributions, are known as withholding taxes.

Employers pay these withholding taxes, as well as additional taxes from their own funds, which may be linked to the employee's pay.

The purpose of these taxes is to fund government programs and expenditures, affecting both the cost of living and the overall economy.

Government Utilization of Collected Taxes

The government uses tax revenue to operate and fund various levels of government activities.

Tax policies and spending have significant implications on the economy at national, state, and local levels.

Positive aspects of taxation can include public goods provision and redistribution of wealth, while negatives may encompass the financial burden on individuals and businesses.

Ultimately, the Internal Revenue Service (IRS) is tasked with the assessment and collection of federal income taxes, influencing the enforcement and adherence to tax laws, which may be shaped by political factors.