MONEY MONEY Earning, Saving and Spending Money By: Margaret Hall.
3.3 earning & spending
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Transcript of 3.3 earning & spending
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Part 1:
•Get a Job
•Get Paid
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“Employee’s Withholding Allowance Certificate”
Determines the % of pay to be taken-out of your check for taxes.
The more people who DEPEND on YOU for support, the less money will be taken from your check.
Exempt = NO TAXES are taken out
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“Employment Eligibility Verification Form”
Used to verify citizenship, and
eligibility to work in the U.S.A.
You might not see it!
Requires: Drivers License, SS Card,
Passport, or Birth Certificate
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. . .Where is my money going? Federal & State Taxes
FICA – (Federal Insurance Contribution Act)◦ Social Security & Medicare
These are MANDATORY Deductions!
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. . .Where is my money going? Other Withholdings
◦ Insurance, Retirement, Flex-Plans
GROSS = Before
NET = After
These are OPTIONAL Deductions!
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Part 2:
•Paying Taxes
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Sales Tax
Property Tax
Income Tax
Flat/Fair Tax???
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Protection
Education
Roads
Government Programs (welfare, social security, medicare, medicaid)
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“Wage & Tax Statement”
Tells you:
◦ Amount of money you made
◦ Amount of taxes you already paid
Required for filing your taxes!!!
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“Tax form for single or joint filers with no dependents”
No one else depends on you for
support.
Your taxable income was less than
$100,000
Must use with a Tax Table!
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[(Income – lower limit) x %] + tax
Income is over
But not over The tax is PlusOf the
amount over
$0.00 8,350.00 0.00 10% 0.00
8,350.00 33,950.00 835.00 15% 8,350.00
33,950.00 82,250.00 4,675.00 25% 33,950.00
82,250.00 171,550.00 16,750.00 28% 82,250.00
171,550.00 372,950.00 41,754.00 33% 171,550.00
372,950.00 108,216.00 35% 372,950.00