1. WARM UP Write these numbers in words 1,000 1,000 100 100 10,000 10,000 1,000,000 1,000,000

2. CONSUMER FINANCE Chapter 11: Paying Taxes Lesson 1: Large Numbers

3. DIRECTIONS (Large #s)

4. I DO (BIG #s) Write numerically Write numericallyNumber 1. 1.6 million 2. 72.5 trillion 3. 416 million

5. WE DO (BIG #s) Write numerically Write numericallyNumber 1. 605.6 billion 2. 250 thousand 3. 260.408 billion

6. I DO (BIG #) Write the # Write the #Number 1. 200,500,000 2. 1,000,000,000 3. 65,000

7. WE DO (BIG #) Write the # in words Write the # in wordsNumber 1. 350,750,000 2. 20,500 3. 35,500,000,000

8. REVIEW Today we learned how to write large #s Today we learned how to write large #s

9. HOMEWORK Worksheet Worksheet

10. WARM UP.35 x 500,000.35 x 500,000.30 x 250,000.30 x 250,000.25 x 1,250,000.25 x 1,250,000.10 x 3,250,000,000.10 x 3,250,000,000

11. CONSUMER FINANCE Chapter 11: Paying Taxes Lesson 2: Federal Budget

12. VOCAB Revenue is the income, or money, that federal or state agencies collect and use Revenue is the income, or money, that federal or state agencies collect and use Receipts are income Receipts are income

13. DIRECTIONS (Federal Budget) Read the Circle graph Read the Circle graph Multiply Multiply Chart x 3.8 trillion Chart x 3.8 trillion The fed budget for 2012 was $3.8 trillion The fed budget for 2012 was $3.8 trillion

14. I DO (Federal Budget) Find the amount of Find the amount of money for Each Source Source 1. Individual Income Taxes 2. Social Insurance Taxes and Cont. 3. Corporate Income Taxes 4. Excise Taxes 5. Other

15. WE DO (Total Dividends) Find the amount of money for Each Source that the federal budget is spent on Find the amount of money for Each Source that the federal budget is spent onSource 1. Health 2. Treasury 3. Defense 4. Executive Office 5. Agriculture 6. Labor 7. Transportation 8. Other

16. REVIEW Today we learned how to calculate the amount of money for each section of the federal budget Today we learned how to calculate the amount of money for each section of the federal budget

17. HOMEWORK Worksheet Worksheet IS / OF = % / 100

18. WARM UP 1. 3575 – 250 2. 450 + 2100 + 365 3. 93000 – 5402 4. 3156 + 250 + 2150

19. CONSUMER FINANCE Chapter 11: Paying Taxes Lesson 3: Paying Taxes

20. VOCAB Income is the amount of money you earn Income is the amount of money you earn Deductions and Exemptions are money you take away from your income Deductions and Exemptions are money you take away from your income Dependent is a person who is supported financially by another person Dependent is a person who is supported financially by another person Taxable Income is the total income on which taxes are paid Taxable Income is the total income on which taxes are paid

21. Examples Deductions Deductions Interest on a mortgage/loan Interest on a mortgage/loan Medical Expenses Medical Expenses Losses not covered by insurance Losses not covered by insurance Taxes you paid Taxes you paid Gifts to charities Gifts to charities

22. DIRECTIONS (Paying Taxes) Add Add All numbers in the taxable income = Total Exemptions and Deductions All numbers in the taxable income = Total Exemptions and Deductions Subtract Subtract Total Income – Total Exemptions and Deductions Total Income – Total Exemptions and Deductions

23. I DO (Paying Taxes) Find the amount of Taxable income Find the amount of Taxable income ItemAmountTotal Income 1. Medical $4500$42586 1. Dependents$1600 2. Dependents$7500$79421 1. Interest on Loan$856 2. Gifts$939

24. WE DO (Paying Taxes) Find the amount of Taxable income Find the amount of Taxable income ItemAmountTotal Income 1. Business Loss$14987$109011 1. State Taxes$1234 2. Gifts$658 2. Dependents$5000$36941 1. Charity$87 2. State Taxes$358

25. YOU DO (Paying Taxes) Find the amount of Taxable income Find the amount of Taxable income ItemAmountTotal Income 1. Medical$23356$65395 1. Gifts$2573 2. Taxes$1500 2. Dependents$3500$71250 1. Charity$350 2. Uninsured Loss$2300

26. REVIEW Today we learned how to calculate the amount of money being deducted from when you file tax returns. Today we learned how to calculate the amount of money being deducted from when you file tax returns.

27. HOMEWORK Worksheet Worksheet

28. WARM UP 1. Write the number in words 1. 2,250 2. 37,500 3. 4,500,000 4. 3,700,000,000

29. CONSUMER FINANCE Chapter 11: Paying Taxes Lesson 4: Reading a Tax Table

30. VOCAB Single is a person that is not married Single is a person that is not married Jointly is when you are doing taxes together Jointly is when you are doing taxes together Head of Household is a person who isn’t married, paid more than half of the cost to keeping up your house, and other people are living in the house Head of Household is a person who isn’t married, paid more than half of the cost to keeping up your house, and other people are living in the house Qualifying Widow(er) is a person who has lost their spouse Qualifying Widow(er) is a person who has lost their spouse

31. Maryland Average salary in 2010 was Average salary in 2010 was 52,360 52,360 25.17 per hour 25.17 per hour BTW…this is before unemployment… BTW…this is before unemployment… If you add all the people who don’t have a job the mean drops to about 27000 If you add all the people who don’t have a job the mean drops to about 27000

32. DIRECTIONS (Tax Tables) Find your status Find your status Find your income Find your income

33. I DO (Tax Tables) Determine the tax due Determine the tax due StatusTaxable Income 1. Single$25,250 2. Married Joint$26,375 3. Married Separate$25,450 4. Head of House$26,125

34. WE DO (Tax Tables) Determine the tax due Determine the tax due StatusTaxable Income 1. Single$25,102 2. Married Joint$26,345 3. Married Separate$25,768 4. Head of House$26,575

35. YOU DO (Tax Tables) Determine the tax due Determine the tax due StatusTaxable Income 1. Single$25,300 2. Married Joint$26,350 3. Married Separate$25,790 4. Head of House$26,800

36. REVIEW Today we learned how to determine the tax due depending on your filing status and income. Today we learned how to determine the tax due depending on your filing status and income.

37. HOMEWORK Worksheet Worksheet

38. Warm Up 118,673 – 109,250 118,673 – 109,250 Answer x 30.5% Answer x 30.5% Answer + 24,393.75 Answer + 24,393.75

39. Consumer Finance Chapter 11: Paying Taxes Lesson 5: Using a Tax Schedule

40. DIRECTIONS (Tax Schedule) Find tax bracket Find tax bracket Subtract Subtract Income – “amount over line” = Taxable Income Income – “amount over line” = Taxable Income Multiply Multiply Taxable Income x Percent Taxable Income x Percent Add Add Answer + “amount on the form” = Tax Answer + “amount on the form” = Tax

41. I DO (Tax Schedule) Find the tax on each income Find the tax on each income IncomeStatus 1. $154,00Joint 2. $107,123Separate 3. $53,200Joint 4. $162,000Separate 5.

42. WE DO (Tax Schedule) Find the tax on each income Find the tax on each income IncomeStatus 1. $275,150Joint 2. $122,462Separate 3. $22,350Joint 4. $341,200Separate 5.

43. YOU DO (Tax Schedule) Find the tax on each income Find the tax on each income IncomeStatus 1. $319,340Joint 2. $175,300Separate 3. $123,450Joint 4. $225,150Separate 5.

44. REVIEW Today we learned how to calculate the tax on certain incomes. Today we learned how to calculate the tax on certain incomes.

45. HOMEWORK WORKSHEET WORKSHEET

46. WARM UP 5230 – 3615 5230 – 3615 3987 – 3876 3987 – 3876 4567 – 4892 4567 – 4892 5123 - 5432 5123 - 5432

47. CONSUMER FINANCE Chapter 11: Paying Taxes Lesson 6: Refunds and Balance Due

48. VOCAB Refund is a payment returned to the taxpayer Refund is a payment returned to the taxpayer Balance Due is a payment owed by the taxpayer Balance Due is a payment owed by the taxpayer

49. DIRECTIONS (Refund or Balance Due) Subtract Subtract Amount Withheld – Amount of Tax Due Amount Withheld – Amount of Tax Due + is a Refund + is a Refund - is a balance due - is a balance due

50. I DO (Refund or Balance Due) Find the amount of money refunded or owed by the taxpayer Find the amount of money refunded or owed by the taxpayer Amount WithheldTax Due 1. $4000$3679 2. $5000$3814 3. $2764$3769 4. $3823$3649

51. WE DO (Refund or Balance Due) Find the amount of money refunded or owed by the taxpayer Find the amount of money refunded or owed by the taxpayer Amount WithheldTax Due 1. $4700$3974 2. $3230$3769 3. $3100$3709 4. $4300$3754

52. YOU DO (Refund or Balance Due) Find the amount of money refunded or owed by the taxpayer Find the amount of money refunded or owed by the taxpayer Amount WithheldTax Due 1. $3101$3866 2. $5000$4112 3. $4753$5367 4. $3968$3127

53. REVIEW Today we learned how to determine whether or not we got a refund or owe money after we pay our taxes. Today we learned how to determine whether or not we got a refund or owe money after we pay our taxes.

54. HOMEWORK Worksheet Worksheet

55. WARM UP 56,000 x.35 56,000 x.35 3.85 / 100 as a percent 3.85 / 100 as a percent 28,500 x.035 28,500 x.035

56. CONSUMER FINANCE Chapter 11: Paying Taxes Lesson 7: Property Tax

57. DIRECTIONS (Assessed Value) Multiply Multiply Market Value x Assessment Rate = Assessed Value Market Value x Assessment Rate = Assessed Value

58. ALL DO’s (Assessed Value) Find the assessed value of the property Find the assessed value of the property Market ValueAssessment Rate 1. $60,00045% 2. $70,00050% 3. $75,00040% 4. $65,00052% 5. $67,25047% 6. $71,50060%

59. VOCAB Assessed Value is a figure based on a percentage of the market value of property Assessed Value is a figure based on a percentage of the market value of property Market Value is the selling price of property on the open market Market Value is the selling price of property on the open market Property Tax is a figure based on the percentage of the assessed value Property Tax is a figure based on the percentage of the assessed value

60. DIRECTIONS (Tax Rates) Divide Divide Rate / amount Rate / amount

61. ALL DO’s(Tax Rate) Find the tax rate as a percent of the property Find the tax rate as a percent of the property 1. $3.67 per $100 of assessed value 2. $42.10 per $1,000 of assessed value 3. $3.52 per $100 of assessed value 4. $4.01 per $100 of assessed value 5. $37.51 per $1,000 of assessed value 6. $50.09 per $1,000 of assessed value

62. DIRECTIONS (Property Taxes) Multiply Multiply Assessed Value x Rate Assessed Value x Rate

63. ALL DO’s(Property Taxes) Find the amount of property tax Find the amount of property tax Assessed ValueProperty Tax Rate 1. $27,0003.67% 2. $35,0004.21% 3. $30,0003.52% 4. $33,8004.01% 5. $31,6073.75% 6. $42,9005.01%

64. REVIEW Today we learned how to calculate property taxes, assessed values, and tax rates on properties Today we learned how to calculate property taxes, assessed values, and tax rates on properties

65. HOMEWORK Worksheet Worksheet

66. WARM UP 32.56 / 1,000 32.56 / 1,000 52% as a decimal 52% as a decimal Multiply your 2 answers Multiply your 2 answers Round to 3 decimal spots Round to 3 decimal spots

67. CONSUMER FINANCE Chapter 11: Paying Taxes Lesson 8: Effective Tax Rate

68. VOCAB Effective Tax Rate is the assessment rate time property tax rate Effective Tax Rate is the assessment rate time property tax rate

69. DIRECTIONS (Effective Tax Rate) Divide Divide Property Tax / amount Property Tax / amount Write the % as a decimal Write the % as a decimal Multiply Multiply The 2 answers The 2 answers Round 3 decimal spots (thousandths) Round 3 decimal spots (thousandths)

70. I DO (Effective Tax Rate) Calculate the effective tax rate for each property Calculate the effective tax rate for each property Assessment RateProperty Tax Rate 1. 35%$36.70 per $1,000 2. 50%$2.50 per $100 3. 40%$36.70 per $1,000 4. 35%$36.70 per $1,000

71. WE DO (Effective Tax Rate) Calculate the effective tax rate for each property Calculate the effective tax rate for each property Assessment RateProperty Tax Rate 1. 25%$47.23 per $1,000 2. 30%$42.16 per $1,000 3. 42%$3.70 per $100 4. 37%$4.20 per $100

72. YOU DO (Effective Tax Rate) Calculate the effective tax rate for each property Calculate the effective tax rate for each property Assessment RateProperty Tax Rate 1. 33%$425 per $10,000 2. 39%$3.70 per $100 3. 42%$1.60 per $100 4. 36%$22.00 per $1,000

73. REVIEW Today we learned how to calculate the effective tax rate on a property Today we learned how to calculate the effective tax rate on a property

74. HOMEWORK Worksheet Worksheet