Chapter 23 summary section 1-2

· Taxes are payments that people must make to support federal, state, and local governments. Common taxes include taxes, social security taxes, and property taxes.
· Tax dollars pay for a wide range of services, such as education, transportation, and military services.
· You can influence the way that tax dollars are spent by voting for officials who represent your views.
· A good tax system should be fair, simple, convenient, stable, and flexible.
· Your income tax return shows how much income you received and how much tax you owe. Form W-4 will tell your employer how much tax to withhold. Form W-2 will show how much you earned.
Chapter 23 summary section 2
· The money for social security benefits comes chiefly from Social Security taxes paid by workers and employers.
· The government uses your social security number to keep track of your contributions and work history.
· You earn work credits each year that you work and pay social security taxes. You must earn a certain number of credits to become eligible for social security benefits.
· Two state-run programs that provide benefits for workers are unemployment insurance and workers’ compensation.
· The social security system must be changed to keep that amount of money being paid out from exceeding the amount coming in.