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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
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