Documenti di Didattica
Documenti di Professioni
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Name:Thane
Period:6th
PartI:Vocabterms(defineeach):
GrossPay:
Totalamountmadebeforetaxes
NetPay
Totalamountmadeaftertaxesanddeductions
YTD
Yeartodate
Deductions
Reductionsfrompayoftaxablepay
Allowances
Amountofmoneypermittedwithinasetregulationsorrules
Withholdings
TheamountofmoneytakenfromyourincomeforIRS
SocialSecurity
Afederalinsuranceprogramthatprovidesbenefitstoretired,unemployed,ordisabledpeople
Cafeteriaplan
abenefitprovidedbyanemployerwhichallowsanemployeetocontributeacertainamountof
hisorhergrossincometoadesignated"account"beforetaxes
Asset
CapitalGains
aprofitfromthesaleofproperty
Privatecontractor
isanaturalperson,business,orcorporationthatprovidesgoodsorservicestoanotherentity
undertermsspecifiedinacontractorwithinaverbalagreement
Basedonfederal
taxbrackets
,howmuchtaxdoessomeoneoweontaxableincomeof
$309,741?Showyourwork
.
309,741
189,301=120,440
120,440/00.33=364969.69
PayrollandTaxesWorkshop
Name:Thane
Period:6th
PartII:Payroll
Jobtitle
:Cook
Hourlywage/salary
:$30
Hoursperweek
:40
Frequencyofpaychecks
:2weeks
Numberofpaychecksperyear
:26
Whatmandatorywithholdingswillappearonyourpaycheck
?
1. FederalWithholdingTax
2. SocialSecurityTax
3. MedicareTax
4. StateTax
Whatotherpayrolldeductionswouldyouliketakenoutofyourpaycheck
?
Chooseatleast2
.
RetirementFund
FSA
Simulatedpaystub
:
Besuretoaccountforyournumberofallowances
Employer:McDonalds
Employee:Sir.ThaneMcGrath
HrWage:$30.00
HrperWeek:40
GrossIncome:$2400.00
Medicare:430.34
SSTax:100.64
CoStIncomeTax:28291.02
FedIncomeTax:6687.25
Total:
Assumingeachpaycheckisthesame,createaW2showingendofyearreporting
:
PayrollandTaxesWorkshop
Name:Thane
Period:6th
PayrollandTaxesWorkshop
Name:Thane
Period:6th
Whatarethetotalcontributionstoyourretirementandcafeteriaaccounts?Rememberto
includeemployermatchtoanIRA
.
PayrollandTaxesWorkshop
Name:Thane
Period:6th
$100.64
PartII:OtherIncome
Respondtoeachofthesewithacompletesentence.
CapitalGainsTax
Identifytwoassets(house,collectorsitem,stock,property,gold,patents,jewelry,etc.)
Declareoneofthemasashorttermgain,theotherasalongtermgain
.
Myhouseisalongtermassetpricedat$50,000andmygrandfather'sgoldwatchisashort
termassetpricedat$1000.
1099income
Createasourceof1099incomeforyourself,includingsourceanddollaramount.Thisis
yourscheduleCtotal
.
Sellingartwork,made$500
Itemizeddeductions
Listatleastthreeitemizeddeductions,includingdollaramount.ThisisyourScheduleA
total
.
PartIII:Filingform1040
Completeapapercopyoftaxform
1040
.Scanitinorturninthepapercopy.
Papercopy
PayrollandTaxesWorkshop
Name:Thane
Period:6th
PartIV:Analysis
Whatisthedifferencebetweenataxdeductionandataxcredit
?
Taxcreditsprovideareductionofyourincometaxliability.Taxdeductionsloweryour
monthlyincome.
Howmuchmoneycanyoumakeasan
independent
adultandnotpayincometax
?
$0
HowdoesthenumberofW4allowancesaffectpayrollandyourtaxreturn
?
ThemoreW4allowancesyouhavethemoreyouwillgetbackattheendoftheyear.
Vanessahasbuiltanewcompanyandherstocksharesarenowvalued$1.2million.
Doesshepaytaxonthatgrowth
?
Theymaynotpayonthatgrowthbutthereisataxondividends.
Ititeverbeneficialtomakelessmoneyandmoveintoalowertaxbracket
?
Yesbecausedependingonhowmuchmoneyyoumade.
Whatissomethingelseyoulearnedfromthisproject
?
Taxesareanecessaryevilbecauseasmuchastheyareannoyingtheyareimportanttomylife.