September 4th-Labor Day
Warm Up: What is a freedom or purchase-like a house- that you are looking forward to in your adult life? Why? How old will you be when it happens?
You have a job and a salary! This week we will figure your take home pay so that you are ready to begin budgeting.
First, fill out your W-4 to determine the number of exemptions you will claim on your earnings for federal and state taxes.
September 6th-No class
Warm Up: What is your first memory of having money? How did it feel? How did the money come to you?
Fill out your pay stub with all of the information requested. Personal information, federal, medicare, social security and state taxes. You will need your annual salary for this activity and to know that you are paid bi-monthly or two times per month.
Annual salary / # of pay periods
In your journal calculate Federal, Social security, Medicare and Colorado taxes.
Federal Tax Calculation
Example: Determine tax, take-home income, and effective tax rate for $285,781.
# Range Money in Bracket Tax rate Tax Paid
1 $0-$9,325 $9,325 10% $932.50
2 $9,326-$37,950 $28,624 15% $4,293.60
3 $37,951-$91,900 $53,949 25% $13,487.25
4 $91,901-$191,650 $99,749 28% $27,929.72
5 $191,651-416,700 $94,131 33% $31,063.23
Total Tax Paid: $77,006.29
Cumulative Tax rate: 26.9%
Warm up: Calculate the federal tax paid annual on $78,957 and then how much each pay period for 24 pay periods. What is the cumulative tax rate?
# Range Tax rate Tax Paid
1 $0-$9,325 10% $
2 $9,326-$37,950 15% $
3 $37,951-$91,900 25% $
4 $91,901-$191,650 28% $
5 $191,651-416,700 33% $
Total Tax Paid:
Total paid per pay period:
Finish calculating taxes.
Concurrent enrollment worksheet due by 09/15.
Check out the daily work and warm ups if you miss class and please make up the work! I want you all to succeed. I will accept late work for two weeks after it is due. Check in with me if something comes up!