On Your Own Occupation and Taxes. Hired? W-4 Form Provides information about your financial situation The W-4 Form tells your employer how much money.

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Presentation transcript:

On Your Own Occupation and Taxes

Hired? W-4 Form Provides information about your financial situation The W-4 Form tells your employer how much money to withhold in taxes every paycheck

Gross Income Total Income BEFORE deductions $6.75 x 40 hours = $270 Or Salary of $13,500 per year

Net Income Income AFTER deductions Deductions: Retirement plans (401ks), medical, vision and dental plans and TAXES

Taxes Federal Income Tax has a Marginal Tax Rate Gross Yearly Income is less than $7,150 Tax is 10% $7,151-$29,051 tax is 15% $29,051-$70,350 tax is 25% $70, ,750 tax is 28% $146,751 + tax is 31%

W-2 Form Information given to you by your employer that tells you how much you have made how much in taxes you have already paid And helps you fill out your annual tax forms

Tax Deadline April 15 th By this date, you must have filed your annual tax forms These tax forms determine whether you paid too much in taxes and deserve a Tax Refund Or paid too little and have to pay more taxes

State Income Tax In the same way that the Federal Government (IRS) taxes you, the state that you reside in will tax you as well The state has a marginal tax rate as well but lower percentages

*Project Task* You have been kicked out of your house and have to live ON YOUR OWN You have to work in order to acquire all of your NEEDS and the things that you WANT most

2 Options (Due Wed.) 1) Keep the job that you currently have Or 2) Find a new job

1) Keeping Your Current Job Make a copy of a pay stub and white-out any personal information In at least a long paragraph: Describe all of your job responsibilities & why you decided to keep it

2) Finding a New Job Choose a listing from the internet or a newspaper. Bring it to class. It must be local You must be qualified for this job If it gives you a salary or wage range (ex. $200 -$800 a week) you have to take the LOWEST range In at least a long paragraph, describe what you imagine the job to be like and why you took the job

In the Paragraph for Both Options State your Gross Income & Net Income (deduct the appropriate % from the Federal Marginal Tax Rate State each for 1 Year and 1 Month