Post on 25-Dec-2015
Taxes and Insurance
Needed:
Cell phone with loud speaker phone function for Wednesday.
Types of Taxes
• Proportional tax - everyone pays same percentage of income (Medicare, 1.45%).
• Progressive tax - higher percentage of total income paid by people with higher incomes (income tax).
• Regressive tax - higher percentage of total income paid by people with lower incomes (sales tax).
Taxes Quiz
What type of tax is represented by the chart below?
• A) Progressive
• B) Proportional
• C) Regressive
• D) Excise
Ken makes $50,000 per year and Kirby makes $30,000 per year. Ken pays a higher average tax rate on his incomethan Kirby. This infers that taxes on
income are
• A. regressive.
• B. proportional.
• C. progressive.
• D. marginal.
Imagine that our government suddenly charges a new $1,000 tax on every citizen. What type
of tax would this be?• A) Progressive
• B) Proportional
• C) Regressive
• D) Excise
Which of the following is the best example of a regressive tax?
• A) Medicare
• B) sales tax
• C) income tax
• D) property tax
Which of the following is the best example of a proportional
tax?
• A) Medicare
• B) sales tax
• C) income tax
• D) property tax
Which of the following is the best example of a progressive
tax?
• A) Medicare
• B) sales tax
• C) income tax
• D) gas tax
Rich guy pays 10% of his income, and poor guy pays 20%
of his income. What type of tax is this?
• A) Progressive
• B) Proportional
• C) Regressive
The BEST example of a progressive tax in the United
States is
• A. the federal excise tax on gasoline
• B. the Social Security tax
• C. the federal personal income tax
• D. state sales taxes
Can I Afford It?
Video Clip
Insurance• Premium: regular payments for coverage.• Deductible: portion of claim not covered• Types: • Life• Health**for medical bills**• Disability**for loss of income from job**• Property/Homeowner’s• Car:
– Liability – Comprehensive
Insurance Game
Rules• Step 1:
– Decide what coverage to get.– You have $5,500 available to spend on
insurance premiums for the year.– You do not have to spend all (or any) of that
money on insurance.– Use the probabilities and claim amounts to
inform your decision.– Answer numbers 2 and 3 on the score sheet
after you’ve made your decisions.
Rules
• Let’s play the odds!• A random number generator will be used to determine if you
have an auto accident, health issue, job loss due to disability, etc.
• Say you have an auto accident– if you’re covered, you must pay the deductible. The insurance
company will take care of the rest.– if you don’t have coverage, you must pay for damages (there will
usually be a second roll for damages).
• Record answers on the score sheet as we go along.
1st Period
Chad Seth Danielle
Zack Michael Baggott
Kyle Kendall Matt Nicole Arron
Hillary Michael Brannen
Shannon Lacey Haley Virginia
Brandon
Teacher Desk/ Work Area
Erin Morgan Taylor Dillon
Alex
2nd Period
Tim Megan Justin Xavier Andrew
Paige Cyndilee Chris Charlee Ryan Stacey
Amanda Chelsea Brett Jessica Alison Courtney
Kylie
Teacher Desk/ Work Area
Forrest Lacey Daniel Emily Jordan Avery
Morgan Madison
4th Period
Dee Dee Moriah Maggie Jon Jade (Empty)
Steven Courtney H.
Kara Amber Bethany Drew Kevin
Harley JD Courtney
Nick Sonia David Melissa
Teacher Desk/ Work Area
Jordan E Kayla Jordan M Andre’ Mandie Lauren
Kayla Daylan Catherine Phillip Justin
Raven Ryne Kelsea
Insurance Clicker Quiz
1) What type of insurance should you get to cover medical expenses?
• A) Life
• B) Health
• C) Property
• D) Disability
2) What type of insurance should you get to cover your loss of
income in case of injury or illness?
• A) Life
• B) Health
• C) Unemployment
• D) Disability
3) Your insurance provider paid $2,600 of your hospital bill, but
you had to pay the other $300 of it. What is the word for the amount
you paid?
• A) Premium
• B) Deductible
• C) Liability
• D) Subsidy
4) You pay $12 a month for property insurance on your record collection. What is the word for
this payment?
• A) Premium
• B) Deductible
• C) Liability
• D) Subsidy
5) While delivering the mail, a postman gets struck in the arm by a passing car. An ambulance takes him to the hospital, and after x-rays and other tests are done, thedoctor states that no bones were broken and no permanent damage was done.
Which of the following types of insurance would be MOST beneficial for the postman as a result of this accident?
• A) Auto• B) Disability
• C) Health• D) Life
6) Carlton is injured while working at a retail store. Which type of insurance is
MOST LIKELY to provide benefits while he is temporarily out of work?
• A. life insurance
• B. disability insurance
• C. property insurance
• D. automobile insurance
7) Alicia owns a home in the suburbs. If a neighbor wrecks an automobile in Alicia's yard and
damages property, Alicia is protected from financial loss by
• A. the neighbor's automobile liability policy.
• B. the neighbor's property insurance policy.
• C. Alicia's disability insurance policy.
• D. Alicia's automobile liability policy.