What job is most interesting to you and why? Take a guess at the yearly salary for that job.
Jess Adams-our College Counselor-will be in to do a career survey with us. 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 instructions on how to access the career survey.
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 seperate places?
Jan 11th-No Class
Warm Up: What do you think federal taxes are used for? What other taxes are paid through 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
Next, 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
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%
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: You have won the lottery and have enough money to cover your expenses for the rest of your life. Will you continue to work in the job of your choice? Why or Why not?
Continue with Payroll activity
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!