Download Finance Career Cluster Performance Indicators Explained

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Taxes are payments you make to the government for services they provide. The U.S. tax
system is based on the idea that everyone should contribute their fair share, that tax laws
should be clear and simple, and that the tax system should be flexible. Tax dollars are spent
on a number of things including public education and libraries, military defense and law
enforcement, transportation costs, and fire protection to name a few.
Income tax is calculated as a percentage of the taxable income you earn on the job. Social
Security, or FICA, tax is used so that workers can receive benefits upon retirement. Sales tax
is a percentage of the price of an item that a person pays when they buy something. Estate
and inheritance taxes are taxes on wealth, which are collected after a person has died.
Property tax is the main source of money for many local governments, and is based on the
value of property such as land and buildings.
Sources:
Kapoor, J. R., Dlabay, L. R., & Hughes, R. J. (2007). Personal Finance. Woodland Hills, CA:
Glencoe/McGraw-Hill.
Kimbrell, G. & Vineyard, B. S. (2008). Succeeding in the World of Work. New York, NY:
Glencoe/McGraw Hill.
Explain the concept of organized labor and business.
A labor union is a group of workers who have joined together for the common purpose of
improving the terms and conditions under which they work. Unions are formed to obtain
higher wages, better benefits, and improved working conditions. When laborers organize,
they are able to increase their bargaining power with business management.
Two main types of unions exist today—industrial unions, made up of workers employed in
the same industry, and craft/trade unions, which are groups of workers with similar skills.
The AFL-CIO is the federation for nearly all labor unions, although some very large unions
are independent of the federation.
Labor union contracts are created through a negotiation process called collective bargaining,
involving union officials and company representatives. If an agreement cannot be reached,
pressure strategies may be imposed by either side, including strikes, picketing, and boycotts
by union members or lockouts, injunctions, and strikebreakers by management.
Several advantages and disadvantages exist for both sides in organized labor. Workers gain
individual dignity, fair treatment, protection, and fringe benefits. However, they must pay
union dues, support union decisions, and face hardships during strikes. Businesses benefit by
having security regarding wages, benefits, and working conditions as well as having the
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