Spinnerette: 05.13.24
-2.22 and +2.22 [REPDIGIT CHG] x 2 companies
AIT + PAYX
I PAY TAX
And why do we Pay Tax? Taxes provide revenue for federal, local and state governments which provides the goods and services that benefits the average citizen such as defense, police, infrastructure, our justice system and so on. An individual is required to pay Income Tax based on their earnings from wages, salaries, investments or other forms of income. The United States imposes the Income Tax and has the authority to increase rates.
A brief history of the Internal Revenue Service i.e. the IRS: How America began taxing our incomes.
The cost of War…
1861 marked America’s first Income Tax. Congress levied a flat 3% tax on all incomes over $800 and later included a graduated tax. In 1862 President Lincoln established a permanent internal tax system and Congress established the Office of the Commissioner of Internal Revenue under the Department of the Treasury. This new method of revenue was designed to help pay for the expenses incurred from the Civil War. People with income between $600 to $10,000 paid 3% and those with income over $10,000 paid 5%.
The 16th Amendment: Federal Income Tax 1913 established the right for Congress to impose a Federal Income Tax. After 1913 there has been many changes to our required Tax Payments ~
The Revenue Act of 1918 - World War I
The Revenue Act of 1942 by President Roosevelt noted as the “greatest tax bill in American history” which increased taxes and the number of Americans subjected to paying income tax. However, the deductions built into this bill included medical and investment expenses.
Individual Tax Act was passed by Congress in 1944 which created the standard deductions on the infamous 1040 Form.
President Eisenhower renamed the Bureau of Internal Revenue to the Internal Revenue Service in 1953.
Employee Retirement and Income Security Act was passed by Congress in 1974.
President Reagan signed the Tax Reform Act in 1986 codifying the federal tax law for the 3rd time since the Revenue Act of 1918.
New information I learned about Tax Deductions: As stated in Google Wikipedia, A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. Deductions and exemptions reduce taxable income; tax credits reduce tax. Remember to review the many deductions available to take before submitting your yearly income tax that we are required to pay. Maybe next year, I will be able to save some money before I PAY TAX!
By the way, I also learned that the United States has seven tax bracket rates - 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Interestingly, we do not pay the most Tax in the World. On the contrary, the country that pays the highest income tax rate is the Ivory Coast - they give 60% of their income to their government. WOW!
The companies that created Today’s Spinnerette.Anagram are:
AIT is Applied Industrial Technologies Inc. a global company that trades on the NYSE. As defined by Google Wikipedia, the company provides engineering, design and system integration for industrial and fluid power applications and customized mechanical, fabricated rubber, fluid power, and flow control shop services. First known as The Ohio Ball Bearing Company was founded in 1923 by Joseph M. Bruening and is headquartered in Cleveland, OH. The company began to expand during the 50’s through numerous acquisitions that has evolved into International status.
Revenue is more than US$2.5 BILLION and employs approx. 6,200.
Traded Today @ $195.11
PAYX is Paychex Inc. a Business Process Outsourcing Human Capital Management company that trades on the NASDAQ. The company was founded by B. Thomas Golisano in 1971 and is headquartered in Rochester, NY. The company provides Payroll and HR Services.
Revenue is more than US$4.5 BILLION and employs approx. 16,000.
Traded Today @ $124.77
Company/Corporation Information is from Google Wikipedia and Britannica