How much do you actually make?

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Presentation transcript:

How much do you actually make? GROSS and NET INCOME How much do you actually make?

Take how pay Gross income is before taxes and deductions Net income is after taxes and deductions Take your pay and multiply it by 12 (Total Gross income per year)

For the Lower Middle or Middle Class If you make $42,707 or less, you must pay 15% Income x 0.15 = Taxes Taxes and divide it by 12= Taxes you pay per month If you make between $42,707 and $85,414 you must pay 22% Income x 0.22= Taxes

For The Richer Half If you make between $85, 414 and $132,406, you must pay 26% Income x 0.26 = Taxes Taxes and divide it by 12= Taxes you pay per month If you make more than $132,406, you must pay 29% Income x 0.29 = Taxes