Rubric To get an “A” for this project you need the following Tables for each state.

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Presentation transcript:

Rubric To get an “A” for this project you need the following Tables for each state.

State Taxes State (# Tax Brackets) Sample State #1 (9) Sample State #2 Tax Rate LOW Tax Rate High Lowest Income Bracket Highest Income Bracket Personal exemption (single) Personal exemption (married) Dependents (each child) Sample State #1 (9) 1.4% 11% $2,400 $200,001 $1,040 $2,080 Sample State #2 (8) 0.35% 8.98% $1,439 $64,756 40* 80* Sample State #3 (None) N/A STATE #4 ONLY ONE TAX RATE 3%

YOU MAY WANT TO MAKE A TABLE Income Tax brackets Income Tax Bracket STATE #1 Tax Bracket (yearly earnings) Tax Rate (%) [9] $0+......1% $2,400+.....3% $4,800+.....6% $9,600+.....7% $19,200+.....8% $36,000+.....8% $48,000+....9% $175,000+.....10% $200,000+.....11% Income Tax Brackets STATE #2 Tax Bracket (yearly earnings) Tax Rate (%) [8] $0+.....0% $1,407+.....1% $2,814+.....2% $5,628+......5% $12,663+.....6% $28,140+.....7% $42,210+.....8% $63,315+.....9% States charge taxes to pay for police and fire protection, public schools, roads, libraries, food inspection, drugs and other consumer products. YOU MAY WANT TO MAKE A TABLE

State #1 Married, four dependents Single, one dependent $32,500 Median Income - $2,500 Single - $1,000 One Dependent Tax Rate 3% $29,000 x .03 = $870 / 52 weeks = $16.73 per pay check Married, four dependents $32,500 Median Income -$4,500 Married -1,000 x 4 (4,000) Tax Rate 3% BIWEEKLY DEDUCTIONS $24,000 x .03 = $720 /26 weeks = $______ per pay check

State #2 Married, four dependents Single, one dependent $32,500 Median Income - $2,500 Single - $1,000 One Dependent Tax Rate 3% $29,000 x .03 = $870 / 52 weeks = $16.73 per pay check Married, four dependents $32,500 Median Income -$4,500 Married -1,000 x 4 (4,000) Tax Rate 3% BIWEEKLY DEDUCTIONS $24,000 x .03 = $720 /26 weeks = $______ per pay check

State #3 Married, four dependents Single, one dependent $32,500 Median Income - $2,500 Single - $1,000 One Dependent Tax Rate 3% WEEKLY DEDUCTIONS $29,000 x .03 = $870 / 52 weeks = $________ per pay check Married, four dependents $32,500 Median Income -$4,500 Married -1,000 x 4 (4,000) Tax Rate 3% BIWEEKLY DEDUCTIONS $24,000 x .03 = $720 /26 weeks = $______ per pay check