Warm up: Warm Up: What is your personal definition of success. Share an example of a time where you felt successful.
Check writing and register activity. Use the check register to record the two checks you write and your monthly expenses. Keep a running balance of how much money you have! Include the following in your register:
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Warm Up: Why will credit be important as you grow older?
Guest Speaker: Shawn Candelaria-Four Corners Community Bank Warm up: What are some differences between writing a check and using a debit card?
Check writing and register activity. Use the check register to record the two checks you write and your monthly expenses. Keep a running balance of how much money you have! Include the following in your register:
Warm Up: What does your banking life look like? How many and what type of accounts do you have?
What are some differences between a savings account, money market, basic checking account and a CD? Spend some time on this and RESEARCH each one. Three benefits and one negative thing about each account Savings accounts Money Market accounts Basic checking accounts Certificate of Deposits (CD'S) Warm Up: Why do you think a budget is important? What do you think is the hardest
thing about one? The greatest benefit? 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 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.
September 7th9/6/2018
0 Comments 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? 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-$9,525 $9,525 10% $952.50 2 $9,526-$38,700 $29,174 12% $3,500.88 3 $38,701-$82,500 $43,799 22% $9,653.78 4 $82,501-$157,500 $74,999 24% $17,999.76 5 $157,501-$200,000 $42,499 32% $13,599.68 Total Tax Paid: $45,688.60 Cumulative Tax rate: 22.8% $45,686.60/$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: Federal tax claculation
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-$9,525 $9,525 10% $952.50 2 $9,526-$38,700 $29,174 12% $3,500.88 3 $38,701-$82,500 $43,799 22% $9,653.78 4 $82,501-$157,500 $74,999 24% $17,999.76 5 $157,501-$200,000 $42,499 32% $13,599.68 Total Tax Paid: $45,688.60 Cumulative Tax rate: 22.8% $45,686.60/$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 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-$9,525 $9,525 10% $952.50 2 $9,526-$38,700 $29,174 12% $3,500.88 3 $38,701-$82,500 $43,799 22% $9,653.78 4 $82,501-$157,500 $74,999 24% $17,999.76 5 $157,501-$200,000 $42,499 32% $13,599.68 Total Tax Paid: $45,688.60 Cumulative Tax rate: 22.8% $45,686.60/$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 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-$9,525 $9,525 10% $952.50 2 $9,526-$38,700 $29,174 12% $3,500.88 3 $38,701-$82,500 $43,799 22% $9,653.78 4 $82,501-$157,500 $74,999 24% $17,999.76 5 $157,501-$200,000 $42,499 32% $13,599.68 Total Tax Paid: $45,688.60 Cumulative Tax rate: 22.8% $45,686.60/$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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