GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.4Slide 1 2.4State and City Income Taxes Calculate state and city income taxes using a flat tax rate.

Slides:

Advertisements

Similar presentations

1 of 24 ©2012 McGraw-Hill Ryerson Limited Learning Objectives 3.Outline the many factors to be considered in dividend policy. Calculate aftertax income.

Advertisements

Chapter 2 Net Pay.

Calculating Sales and Income Tax

Business Math 2.3 Federal Income Taxes.

Press Ctrl-A ©G Dear 2009 – Not to be sold/Free to use Calculating Tax Stage 6 - Year 11 General Mathematics Preliminary.

Chapter 4: Managing Taxes. Objectives Explain how taxes are administered and classified. Describe the concept of the marginal tax rate. Determine who.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 11.3Slide Depreciation Costs Calculate depreciation using declining- balance method Calculate depreciation.

7.6 Stocks Calculate the cost of stock purchases

Calculating Payroll Taxes By Adote Akue. Payroll Taxes Consist of: Social Security Tax (6.2%) Medicare Tax (1.45%) State Income Tax (1.4%) Federal Income.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 11.2Slide Break-Even Point Calculate the break-even point for a product in units Calculate the break-even.

Financial Statements, Taxes, and Cash Flow

MATH 110 Sec 8-1: Percent, Taxes & Inflation Practice Exercises Write 61% as a decimal.

LESSON 13-2 RECORDING EMPLOYER PAYROLL TAXES. Employee vs. Employer Taxes Employee Taxes ◦Federal Income Tax ◦Social Security Tax ◦Medicare Tax Employer.

Real Estate Principles Tenth Edition Real Estate: An Introduction to the Profession Tenth Edition.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 7.7Slide 1 7.7Mutual Funds Calculate the total investment in a mutual fund Calculate the amount and rate.

State Income Tax pp SECTION. Click to edit Master text styles Second level Third level Fourth level Fifth level 2 SECTION Copyright © Glencoe/McGraw-Hill.

2.1 Deductions from the Gross Pay

#1. Calculating Gross Income Dan works part time at Shopko Dan worked 32 hours this week Dan makes $9.75/hour How much was Dan’s Gross Income?

GOALS BUSINESS MATH© Thomson/South-WesternLesson 7.5Slide 1 7.5Bond Interest Calculate bond income Calculate bond yield Calculate total cost of bonds.

MATH 110 Sec 8-1: Percent, Taxes & Inflation Practice Exercises Write 61% as a decimal.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 7.3Slide 1 7.3Disability Insurance Calculate disability insurance benefits.

Section 2Payroll Deductions What You’ll Learn  Why deductions are calculated and reported.  How to calculate deductions required by the federal government.

Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.

 5.1 Taxes and Your Paycheck.  Payroll Tax  Income Tax  Federal Insurance Contribution Act (FICA)  Withholding  Gross Income  Net Income  Form.

Reviewing…Reviewing… We covered the following depreciation methods: Straight Line Declining Balance Sum of Years Digits Units of Production MACRS – Modified.

Filing Taxes Taxes Due- April 15th. W-2 Form Tax Basics Tax year: January 1 st through December 31 st Required to file taxes every working year. Determines.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.1Slide 1 2.1Deductions from Gross Pay Find federal withholding tax deductions Calculate social security.

$$$.  How much a person earns is usually expressed as an annual amount. For example, $ annually  Annual = 1 year = 12 months = 52 weeks  However,

GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.3Slide 1 2.3Federal Income Taxes Calculate adjusted gross income and taxable income Calculate the income.

CALCULATING NET MONTHLY INCOME. STEPS TO CALCULATING NET MONTHLY INCOME Step 1: Pay Rate X Hours Worked = Gross Weekly Income Step 2: Gross Weekly Income.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 1.1Slide 1 1.1Hourly Pay and Salary Calculate gross pay for hourly-rate employees Calculate gross pay.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-2 Recording Employer Payroll Taxes  Calculating employer payroll taxes  Unemployment.

Forgiveness programs Income Based Repayment (IBR) after 25 years* Pay As You Earn (PAYE) after 20 years* Public Service Loan Forgiveness, assuming borrower.

1 Taxation Press Ctrl-A ©2009 – Not to be sold/Free to use Stage 5 Year 9.

U NDERSTANDING T AXES. W HAT IS A T AX ? Tax is a financial charge on a taxpayer by the federal and state governments.

Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.

Unit 43 Paycheck Calculation. Basic Principles of Paycheck Calculation Two main terms are used regarding payroll: gross pay and net pay. –Gross pay is.

MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation Quick review of some basic facts about percent.

3.6 Savings Accounts Calculate simple interest on savings deposits

SECTION 2-3 pp Graduated State Income Tax.

What items must be included in your notebook ? What items must be included in your notebook ? When is the notebook due? When is the notebook due? When.

Lesson 13: Net Pay Consumer Math: p When employees receive their paychecks, they should know that the check does not include their full earnings,

GOALS BUSINESS MATH© Thomson/South-WesternLesson 1.5Slide 1 1.5Other Wage Plans Calculate gross pay for piece-rate employees Calculate gross pay for per.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 3.7Slide 1 3.7Money Market and CD Accounts Calculate interest earned on special savings accounts Calculate.

Survey of Economics, 4e / Ch. 16 The Public Sector ©2004 South-Western, a division of Thomson Learning™ CHAPTER 16 The Public Sector.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 11.1Slide Manufacturing Costs Calculate prime cost and total manufacturing costs Distribute factory.

Standard Deductions & Exemptions Pub 17 Chapter 20 Pub 4012 Pages F-1 & F-2 (Federal 1040-Line 40) NJ TAX TY2014 v11.

Basic Goals of Payroll System  Prepare and issue payroll checks  Produce records for accounting purposes and reporting to government and management.

Income Tax Arithmetic. Income Tax The table shows the tax rates in force at the present time. Rate of TaxTaxable Income Lower rate 20%£1  £2 500 Basic.

Creating a Budget Mr. Machula. Creating a budget Gross Monthly Income Income Tax EI and CPP Deductions Total Monthly Expenses Preliminary Monthly Balance.

OUR FEDERAL INCOME TAX PLAN TAXES: DAY TAX BRACKETS Marginal Tax Rate [6] [6] Single Married Filing Jointly or Qualified Widow(er) Married Filing.

Chapter Employer Payroll Taxes. Federal Income Tax Social Security Tax Medicare Tax Social Security Tax Medicare Tax Federal Unemployment Tax.

Practical Math Applications © Cengage Learning/South-Western Practical Math Applications © 2011 Cengage Learning. All rights reserved. May not be scanned,

Graduated State Income Tax pp SECTION.

Monday March 6, 2017 ***Check on H&R Budget Challenge*** Personal exemptions: Single - $2,000 Married- $4,000 Each dependent- $2,000 1) Martin Tabor’s.

Part 1: Earning Statements

How tax is calculated on your Taxable income Example Your gross income = $126,000 Your deduction = $ 6,000 Taxable income = $120,000.

Form 1040EZ Personal Finance.

SECTION 2-2 pp State Income Tax.

Managing Taxes.

Reviewing… We covered the following depreciation methods:

Personal Financial Literacy

Child and Dependent Care Credit

Chapter 4: Managing Taxes

Types of Tax Plans Unit 3 – Taxes – Day 2.

Income Taxes General information Individual income taxes

Taxation in the USA.

SECTION 2-2 State Income Tax pp

Presentation transcript:

GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.4Slide 1 2.4State and City Income Taxes Calculate state and city income taxes using a flat tax rate Calculate state and city income taxes using a graduated tax rate table

BUSINESS MATH© Thomson/South-WesternLesson 2.4Slide 2 State and City Flat Income Taxes Some states and cities tax personal income as a percent of federal taxable income. Some tax personal income as a percent of gross income. Some use a fixed, or flat tax rate no matter how much taxable income a person has. That is, the tax rate is the same for every person, regardless of the amount of income they earn in a year.

BUSINESS MATH© Thomson/South-WesternLesson 2.4Slide 3 State and City Graduated Income Taxes Some states and cities use a graduated income tax rate like the federal government. In a graduated tax system, the tax rate gets higher as taxable income gets larger.

BUSINESS MATH© Thomson/South-WesternLesson 2.4Slide 4 Sample Graduated Tax Rate Schedule For taxable income Over —But not over —The tax is — $ -0-$8,0002% of taxable income 8,00016,000$160plus 3% of taxable income over $8,000 16,00024,000$400plus 4% of taxable income over $16,000 24,00032,000$720plus 5% of taxable income over $24,000 32,00040,000$1,120plus 6% of taxable income over $32,000 40,00048,000$1,600plus 7% of taxable income over $40,000 48,00056,000$2,160plus 8% of taxable income over $48,000 56,00064,000$2,800plus 9% of taxable income over $56,000