FMST Ch. 8
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primary types of federal taxes
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income tax, social security and medicare
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IRS
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internal revenue service, charges taxpayers interest and penalties for unpaid taxes
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what do federal gov't taxes pay for
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military defense, education, health, justice, environmental protection, community development
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social security
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employees pay 6.2% of income on this; employers double that
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Retirement System
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benefits are determined by using your average earnings over your entire working lifetime
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if you were born before:
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1938, your retirement is 65
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if you retire before your retirement age
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you will receive a reduced rate of payments vis versa
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Social Security Trust Fund
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it's estimated this will be depleted by 2042 because the number of americans of retirement age will have doubled
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if both spouses have worked
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they take the amount that is higher- either what they qualified for in their lifetime or half of what their spouse qualified for
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ex's may qualify if
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they are over 62, they have been married to their ex for over 10 years, they are unmarried, they are not eligible for an equal or higher benefit on their own or someone else's social security
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disability benefits
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given to people who are not able to work for more than a year or who are expected to die; spouses, exs and children may qualify for 50% of someone's disability benefits
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survivor benefits are gived to deceased family members if:
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spouses 60 0r old, or 50 if they are disabled, spouses of any age that aare caring for your children under the age of 16, unmarried children still in school, adult children who became disabled before age 22
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medicare
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1.45% of employers money goes here, employee matches that; participants must pay co pay; 65 year old and over medical insurance
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unemployment
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eligible workers are those who have been let go for no fault of their own, people must continue to file regular claims; will cover 26 weeks after first claim
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public assistance programs
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supported through tax money, have higher levels of accountability in terms of equity, fairness and distribution
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private assistance programs
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less discriminatory depending on the goals of the program, funded through donations
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medicare
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takes up over 50% of health and human services fund; health insurance for those over 65
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medicaid
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helps poor people with health insurance
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administration on aging programs
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meals on wheels, transportation, adult day care, legal assistance
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national family caregiver support program
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provides services to help people who are caring for family members who are chronically ill or disabled
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FDA
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responsible for promoting and protecting the public health through monitoring the safety of products, food supply, drugs and medications
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consumer protection
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enforced laws that have been made by congress and the federal trade commission
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consumer protection:
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advertising, enforcement, financial practices, marketing practices, planning and information, international issues, consumer and business education
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privately funded programs
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st. judes, habitat for humanity, food pantries
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truancy
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legal punishment for a child within the age limits of expected attendance who does not meet the minimum attendance requirements, legal ramifications are usually placed on the parent
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federal level of education
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10% of funding, Dept's of education, healtha nd human services and agriculture, Head Start programs
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state level of education
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centralizes curriculums, teaching licensure and training, special education programs
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community level of education
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daily operations, budgeting and financial management and policy making; free education
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alternatives to public school
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charter, private and home schools
