Warm up: Come to class
Find three rentals and write the details of each in your journal. The Durango Herald or a newspaper in your city is a good place to start. www.apartments.com
Electronic budget Record your monthly revenue and your new rent cost, address and apartment details in your electronic budget. Share it with me.
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Warm up: Come to class
Check writing and register activity. Use this check register (make a copy and share with me) to record the four checks you write and your monthly expenses. Keep a running balance of how much money you have! Include the following in your register: 1. Record your paycheck on the 1st of the month 2. Write a check to your landlord for your rent 3. Write a check to your utility company 4. Use your debit card to buy groceries 5. Automatic payment of one of your "Plus" items from your budget 6. Record your paycheck on the 15th of the month 7. Record your student loan payment 8. Record your car loan payment 9. Record your insurance 10. Buy groceries again (at least 4x) 11. Savings accounts 12. Gas for your car-(at least 2 x in a month) 13. Two WiLD CARDS because life has unexpected situations! I expect to see every item in your budget on this check register Go to the grocery store 4 times Get gas for your car 2 times Warm up: Come to class
Complete Checking Account Transaction activity and the Bank Reconciliation Activity. rm Up: Come to class
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: Come to class
Wrap up your pay stub 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. 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 Federal tax Activity-Compare 2019 to 2020 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-$9,875 $9,875 10% $987.50 2 $9,876- 40,125 $30,249 12% $3,629.88 3 $40,126-85,525 $45,399 22% $9,987.78 4 $85,526-163,300 $77,774 24% $18,665.76 5 $163,301-207,350 $36.699/ $44,049 32% $11.743.68 Total Tax Paid: $45,014.60 Cumulative Tax rate: 22.5% $45,014.60/$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: Come to class Federal tax Activity-Compare 2019 to 2020 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-$9,875 $9,875 10% $987.50 2 $9,876- 40,125 $30,249 12% $3,629.88 3 $40,126-85,525 $45,399 22% $9,987.78 4 $85,526-163,300 $77,774 24% $18,665.76 5 $163,301-207,350 $36.699/ $44,049 32% $11.743.68 Total Tax Paid: $45,014.60 Cumulative Tax rate: 22.5% $45,014.60/$200,000 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
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. Everything we do from now on will be built on this exercise! Complete the career survey in Naviance and then choose one career. The "at least 90% made" 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:
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