Warm up: What are some differences between savings and checking accounts? What is a debit card and how is it different from a credit card?
Complete the Checking Account Transaction worksheet.
0 Comments
Warm Up: Why do you think a budget is important? What do you think is the hardest
thing about one? The greatest benefit? Use this budget. Use your pay stub to determine your monthly take home pay. Your net (take home pay)after taxes x 2 = monthly take home pay.
Warm Up: What are five things that you think should be included in your budget? What are two things that you would like to have in your budget? Netflix? Eating out?
Budget Activity Use this budget. Use your pay stub to determine your monthly take home pay. Your net (take home pay)after taxes x 2 = monthly take home pay.
Warm Up: What does it mean to be financially responsible?
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: What have your parents taught you about money? Budgeting? Credit cards? Saving?
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: What are the federal taxes that taken out of your pay check used for? What other taxes are taken out of your paycheck?
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
0 CommentsNo comments posted DRAG ELEMENTS HERE Warm up: What job is most interesting to you and why? Take a guess at the yearly salary for that job.
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: What does your personal "cost of living" look like based on your lifestyle? How do you think the the "cost of living" could be different in two separate places?
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: What is your personal definition of happiness? How does money fit in with your idea of happiness?
Read the Happiness article.
Warm up? Tell me about yourself. What should I know about you?
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? |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
April 2019
Categories |