Warm Up: Come to class
Payroll and tax activity Complete 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 Federal Tax Calculation Example: Determine tax, take-home income, and effective tax rate for $200,000 # Range Money in Bracket Tax rate Tax Paid 1 $0-$9,700 $9,700 10% $970 2 $9,701-39,474 $29,773 12% $3,572.76 3 $39,475-84,199 $44,724 22% $9,839.28 4 $84,200-160,724 $76,524 24% $18,365.76 5 $160,725-204,099 $39,275/ $43,374 32% $12,568 Total Tax Paid: $45,315.80 Cumulative Tax rate: 22.65% $45,315.80/$200,000
Example: Monthly gross pay: $4,707 Subtract any W-4 allowances (2): ($667) Adjusted wage: $4,040 From % withholding table(p22) ($192) $3,848 This is your Colorado taxable income Multiply by 4.63% x .0463 $178.16 Actual amount of withholding per month
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Warm Up: Come to class
Payroll and tax activity Complete 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 Federal Tax Calculation Example: Determine tax, take-home income, and effective tax rate for $200,000 # Range Money in Bracket Tax rate Tax Paid 1 $0-$9,700 $9,700 10% $970 2 $9,701-39,474 $29,773 12% $3,572.76 3 $39,475-84,199 $44,724 22% $9,839.28 4 $84,200-160,724 $76,524 24% $18,365.76 5 $160,725-204,099 $39,275/ $43,374 32% $12,568 Total Tax Paid: $45,315.80 Cumulative Tax rate: 22.65% $45,315.80/$200,000
Example: Monthly gross pay: $4,707 Subtract any W-4 allowances (2): ($667) Adjusted wage: $4,040 From % withholding table(p22) ($192) $3,848 This is your Colorado taxable income Multiply by 4.63% x .0463 $178.16 Actual amount of withholding per month Warm Up: Come to class
Payroll and tax activity Fill out your W-4 to determine the number of exemptions you will claim on your earnings. Some helpful Complete 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 Federal Tax Calculation Example: Determine tax, take-home income, and effective tax rate for $200,000 # Range Money in Bracket Tax rate Tax Paid 1 $0-$9,700 $9,700 10% $970 2 $9,701-39,474 $29,773 12% $3,572.76 3 $39,475-84,199 $44,724 22% $9,839.28 4 $84,200-160,724 $76,524 24% $18,365.76 5 $160,725-204,099 $39,275/ $43,374 32% $12,568 Total Tax Paid: $45,315.80 Cumulative Tax rate: 22.65% $45,315.80/$200,000 Example: Monthly gross pay: $4,707 Subtract any W-4 allowances (2): ($667) Adjusted wage: $4,040 From % withholding table(p22) ($192) $3,848 This is your Colorado taxable income Multiply by 4.63% x .0463 $178.16 Actual amount of withholding per month
Warm up: Come to class
Today we will use Naviance to do a career survey. By the end of class you will choose a job, know the salary and begin your 25 year old financial life. The rest of the class will be built on this class. Complete the career survey in Naviance and then choose one career. The median salary will be the one you work with moving forward in class. Use this link for info on how to complete the survey: Use this link for instructions on how to access the career survey. juniors_january_naviance.docx Write in your journal:
Warm up: Come to class
Comparison activity utilizing bankrate.
1. What surprises you most? 2. How do you feel about the change in your salary? 3. Does the rent feel reasonable compared to your salary in both cities? Warm up: Come to class
Minimum and livable wages activity Wage worksheet Worksheet data-http://livingwage.mit.edu/ Journal about what you learned. Do you think you could live off minimum wage? Is it more or less than you expected it to be? August 22nd
What is Consumer Math?
Agree/Disagree Activity |
AssignmentsWage Worksheet Pueblo Community College Application Apply by 09/03
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