ࡱ> 463 Ibjbj(Q(Q 4$J;J;I ppppp$t*,,,,,,,'|XpXppm"pp**^ Dv0~UUpXXU 6:   Income Tax Bracket (No, you dont get to keep all that money) If you work, youre going to have to pay taxes. The government takes a good chunk of your precious paycheck, on both the federal and state levels. Thats right. You get taxed twice. And then you have to pay for FICA. This means that what you thought youd be makingyoure not. Here they are: STATE TAXES: This changes from state to state. For this project, you will use a state tax of 9.3%, unless you happen to live in one of the states where there is no state income tax. Here they are: Alaska, Delaware, Florida, Nevada, New Hapshire, South Dakota, Tennessee, Texas, Washington, Wyoming. So youll need to find 9.3% of whatever your yearly salary is and deduct that from your total. Example: If you make $40,000 a year, you would pay (.093)(40,000) or $3,720 in state taxes. So instead of $40,000, youre down to $36,280 FICA: Federal Insurance Contributions Act. For this project, youll pay 7.5% to FICA Example: If you make $40,000 a year, you would pay (.075)(40,000) or $3,000 FEDERAL INCOME TAX: This is the big chunk. The more money you make, the more you pay. If your income is between Your tax bracket is 0 - 9,075 10% 9,076 - 36,900 15% 36,901 - 89,350 25% 89,351 - 186,350 28% 186,351 - 405,100 33% 405,101 - 406,750 35% 406,751 - above 39.6% All hope is not lost! Your tax bracket is the rate you pay on the "last dollar" you earn, meaning you actually pay a little bit less. Heres an example if you made $40,000 a year ($9,075 - 0 ) x .10 : $ ________________ (36,900 - 9,076) x .15 : _________________ (89,350 - 36,901) x .25 : _________________ (186,350 - 89,351) x .28 : _________________ (405,100 - 186,351) x .33 : _________________ (406,750- 405,101) x .35 _________________ (Anything above 406,751) x .396 _____________________ TOTAL TAX _________________ For your final portfolio, you will need to show the calculations you made for your salary. This includes showing ALL your work. A chart like the one I just showed you should be made for the federal income tax, computing the total amount to be deducted. Then you need to figure out what percentage that is of your entire salary. You also need to show your work for computing the State Taxes and FICA. This is a professional portfolio. It should look the part. No pencil scratching. Here are a few salaries for you to practice with. Salary Federal State FICA $73,250 $34,500 $92,500 $195,000 Try these yourself on a separate sheet of paper. Then check with me to see if you did them all right. If you figured them out, youre ready to go. The final product will be graded on presentation and accuracy, so double check your work. YOU MAY NOT GET HELP ON YOUR OWN TAXES! Thats why you need to practice with these. Doing your own taxes shows us how much you understand. So make sure you do these and check the answers with me.  " ` e h i k v ? I Z h m n v  % V |    H K ] ^ ҼҼҼҷҷҲҨҜҷҷס޷ҷ h5>*hh5>* h@ 5 hA5>*hAhA5>* h ]5 hL5 h{v5 h95hAhA5CJ aJ hA5 hxN5>* hxN5 h4y5 hO5h'5CJ aJ hO5CJ aJ 6>?j k W J K & ' R S } ~ ^gd{vgdO$a$gdO   ' 5 C H I Z ` n r s t y | } ~ *C "$*+/48=?Cĸģha5CJ aJ hxN5CJ aJ hMhM5CJ aJ hx5CJ aJ hxhx5CJ aJ h)55CJ aJ hL5hMhM5 hM5 hw5 ha5 hx5 hA5 h5>* h59 *+"^^%&EFcdgdOC]^`fgkpquxz~!#)*^i̺̟ h@ 5 hxN5hMh)55CJ aJ hL5CJ aJ hM5CJ aJ h 5CJ aJ h 5CJ aJ hxN5CJ aJ hx5CJ aJ hxhx5CJ aJ ha5CJ aJ hMhM5CJ aJ h)55CJ aJ 5  #$%&189DPRabcdqwxw?HIҶűұhxNh@ 5 hq5 h@ 5 hM5hL5B*phhMhf5B*ph hL5hfhf5 hf5>*hfhf5>* hf5 hxN5 h)55&xyIgdO21h:p/ =!"#$% 2 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~8XV~_HmH nH sH tH @`@ NormalCJ_HaJmH sH tH DA D Default Paragraph FontRiR  Table Normal4 l4a (k (No List PK!pO[Content_Types].xmlj0Eжr(΢]yl#!MB;.n̨̽\A1&ҫ QWKvUbOX#&1`RT9<l#$>r `С-;c=1g~'}xPiB$IO1Êk9IcLHY<;*v7'aE\h>=^,*8q;^*4?Wq{nԉogAߤ>8f2*<")QHxK |]Zz)ӁMSm@\&>!7;wP3[EBU`1OC5VD Xa?p S4[NS28;Y[꫙,T1|n;+/ʕj\\,E:! t4.T̡ e1 }; [z^pl@ok0e g@GGHPXNT,مde|*YdT\Y䀰+(T7$ow2缂#G֛ʥ?q NK-/M,WgxFV/FQⷶO&ecx\QLW@H!+{[|{!KAi `cm2iU|Y+ ި [[vxrNE3pmR =Y04,!&0+WC܃@oOS2'Sٮ05$ɤ]pm3Ft GɄ-!y"ӉV . `עv,O.%вKasSƭvMz`3{9+e@eՔLy7W_XtlPK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-!pO[Content_Types].xmlPK-!֧6 -_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!!Z!theme/theme/theme1.xmlPK-! ѐ'( theme/theme/_rels/themeManager.xml.relsPK]# I $ CI  I 8@0( rC/P B S  ?IP^fK v~&JO^`;@]f<Igt+4gq^ j K ::::::::::::::::::::::^ ^`OJQJo( 8^8`OJQJo(^`OJQJ^Jo(o  p^ `OJQJo(  @ ^ `OJQJo( x^x`OJQJo(H^H`OJQJ^Jo(o ^`OJQJo( ^`OJQJo(a{v@ M