Income Overview

• Income from individual income taxes in 2016 is estimated to be about 49% of all receipts that year. Income tax is levied on over 100 million American households each year.

• Payroll tax income is estimated to be about 33% of all receipts that year. Payroll taxes are taxes that employers are required to pay when they pay their staff their salaries.
• Corporate income taxes are estimated to make up 9% of all receipts that year. Corporate income tax is imposed at the federal level on all entities treated as corporations.

Most of the taxes the federal government collects is from income taxes on individuals not corporations.

Question 1: Why have we, as voters, decided to fund the government primarily by taxing our income.

Question 2: How do tax policies influence consumers' behavior?

Question 3: Taxpayers in the U.S. are simultaneously consumers and providers/sellers of government services. As a consumer your goal is to get the best product/service (police, fire, trash collection, street repair) at the lowest possible price. But as a seller/provider (taxpayer providing the funds to do the services) you want to charge the most (collect the most taxes) and provide the lowest quality of product/service possible to maximize your benefit/profit. Explain how these conflicting roles play out in the market and what your thoughts are on this. Example: Individuals often complain about how bad our roads are but also vote against tax increases to pay for road repairs. Another example would be the DMV. It is notorious for bad customer service. But if people were told they would have to pay more in fees to improve the level of customer service, most would say no thanks. Those who want better customer service with DMV related activities now pay for membership to AAA.

Suppose you are going to randomly sample one individual from a population of 130 people. In the population, there are 40 children 12 or younger, 60 teenagers, and 30 adults age 20 or older. What is the probability the individual you select will be...

a. Either a teenager or an adult?

b. Either a child or a teenager?

c. Either a child or an adult?

The exact point in time at which an individual transitions from one developmental phase to another (for example, middle childhood to adolescence) is often assigned somewhat arbitrarily. In fact, even developmental scientists/authors don't always agree on "where" the lines between these artificial constructs fall. If you were given the task to defend why a particular child had moved solidly into adolescence, what would be the 3 most important non-physical areas of development you would examine to make the decision (i.e., some specific cognitive or psychosocial characteristic/skill)? In addition, describe how you would expect an adolescent to function differently in each of these 3 characteristics/skills you have selected.

The following represent elements of the tax formula for individual taxpayers: A. Income from any source B. Itemized deductions C. Deductions for AGI D. Exclusions from gross income E. Standard deduction amount Which of the above are subtracted from AGI in the computation of taxable income?

1) B,D, and E
2) B,C, and E
3) B or E
4) C and E or B and C

The driving time for an individual from his home to his work is uniformly distributed between 300 to 540 seconds.

1. The exact point in time at which an individual transitions from one developmental phase to another (for example, middle childhood to adolescence) is often assigned somewhat arbitrarily. In fact, even developmental scientists/authors don't always agree on "where" the lines between these artificial constructs fall. If you were given the task to defend why a particular child had moved solidly into adolescence, what would be the 3 most important non-physical areas of development you would examine to make the decision (i.e., some specific cognitive or psychosocial characteristic/skill)? In addition, describe how you would expect an adolescent to function differently in each of these 3 characteristics/skills you have selected.

2. Based on what we have learned about adolescent brain maturation and psychosocial development, are there circumstances under which you think an adolescent should be eligible for the death penalty? Support your opinion with your rationale and theoretical support. If so, at what age? What other factors, if any, should enter into such a decision? If you disagree provide theoretical evidence in regards to childhood development which supports your stance.

Case Study:

Papaya Partners is a distributor of papayas. They purchase papayas from individual growers and package them in 10-pound cartons for delivery to their various customers, generally supermarkets. Last month, they budgeted to sell $500,000 worth of cartons at a price of $25 each. Actual sales met a budget of $500,000 at $25 per carton.

Management has received cost information based on actual performance and needs to understand the drivers of the overall variance from the budget. They have asked you, as an analyst in their management accounting department, to calculate and explain the variances. The following data has been provided:

Specifically, management needs to know the:

• Standard cost per unit (carton)
• Actual cost per unit
• Direct materials price variances
• Direct materials usage variances
• Direct labor rate variance
• Direct labor efficiency variance
• variances are calculated and what caused them
• recommendation on what might be done to improve the variances.

Case Study:

Papaya Partners is a distributor of papayas. They purchase papayas from individual growers and package them in 10-pound cartons for delivery to their various customers, generally supermarkets. Last month, they budgeted to sell $500,000 worth of cartons at a price of $25 each. Actual sales met a budget of $500,000 at $25 per carton.

Management has received cost information based on actual performance and needs to understand the drivers of the overall variance from the budget. They have asked you, as an analyst in their management accounting department, to calculate and explain the variances. The following data has been provided:

Please calculate and explain:

• Standard cost per unit (carton)
• Actual cost per unit
• Direct materials price variances
• Direct materials usage variances
• Direct labor rate variance
• Direct labor efficiency variance

Describe what happens in an XX and XY individual from fetal life all the way to elderly age in terms of their reproductive physiology. Note commonalities and differences between XX and XY. Include sex differentiation, germ cell formation/maturation, hormones (origins and targets), and phenotypic changes.Include charts and/or flow diagrams