3/19/14 “Income taxes” 1.If you are a teacher and earn $48,000 per year and your spouse is a stay-at-home dad/mom and earns $0.00 dollars per year, how.

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3/19/14 “Income taxes” 1.If you are a teacher and earn $48,000 per year and your spouse is a stay-at-home dad/mom and earns $0.00 dollars per year, how much do you owe the federal government in taxes if you are married & file taxes jointly? 2.How much would you owe in taxes to the federal government if you were single and earned the same amount? On desk: Income tax problems

2013 Federal Tax Brackets (for taxes due April 15, 2014) Tax rateSingle filers Married filing jointly Married filing separately Head of household 10%Up to $8,925Up to $17,850Up to $8,925Up to $12,750 15% $8,926 to $36,250 $17,851 to $72,500 $8,926 to $36,250 $12,751 to $48,600 25% $36,251 to $87,850 $72,501 to $146,400 $36,251 to $73,200 $48,601 to $125,450 28% $87,851 to $183,250 $146,401 to $223,050 $73,201 to $111,525 $125,451 to $203,150 33% $183,251 to $398,350 $223,051 to $398,350 $111,526 to $199,175 $203,151 to $398,350 35% $398,351 to $400,000 $398,351 to $450,000 $199,176 to $225,000 $398,351 to $425, % $400,001 or more $450,001 or more $225,001 or more $425,001 or more

1.If you are a teacher and earn $48,000 per year and your spouse is a stay-at-home dad/mom and earns $0.00 dollars per year, how much do you owe the federal government in taxes if you are married & file taxes jointly? Federal tax rate (married filing jointly)= Federal tax rate (single) = 15% =.15 25% =.25 Tax owed (married) = Tax owed (single) = $48,000 X.15 = $7, $48,000 X.25 = $12, Total $$ earned =$48,000 +$0.00 =$48,000

3/19/14 Econ. Agenda 1.Review Income Tax HW problems 2.Property taxes (class notes) 3.How much do you earn after taxes? (class notes) 4.What percentage of your income goes to pay for different taxes & govt. programs? (Yay, math!) HW: Finish “How much do you earn AFTER taxes?” wksht.

3/19/14Class notes – Types of taxes 3.Property tax tax on real estate building value & land value Who taxes you? Local govt. Usage: Main supporter of local education, govt., police/fire, roads, etc.

3/19/14Class notes – earning after taxes gross pay: Total amount of money earned in a pay period Ex.  $15 per hour X 30 hours = $450 gross pay net pay: total amount of money you actually get per pay period after taxes & withholdings taken out Ex.  $450 - RI taxes ($45) = $405 net pay

3/19/14Class notes – earning after taxes What else gets taken out of my paycheck other than taxes? **Mandatory withholdings: OASDI: Old Age, Survivors, & Disability Insurance (Social Security) You pay both federal & state OASDI Medicare: health care for elderly **Optional withholdings (depending on employer & your choices): Medical & dental insurance $$ to savings account or for retirement

Formula: Amount $$ taxed X 100 = Gross Paycheck amt. 3/19/14Class notes – earning after taxes What percentage of my money goes to these programs? % of paycheck paid in taxes

Formula: Amount $ taxed Gross Paycheck amt. X 100 = % of paycheck paid in taxes Gross paycheck amount = $ Federal Witholdings = $37.29 What percentage of your paycheck is paid to the Federal government? $37.29 $ X 100 = 11.1% of your paycheck goes to Federal Taxes

To do: 1.“How much do you earn after taxes?” math problems