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Part 1:
•Get a Job
•Get Paid
“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
“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
. . .Where is my money going? Federal & State Taxes
FICA – (Federal Insurance Contribution Act)◦ Social Security & Medicare
These are MANDATORY Deductions!
. . .Where is my money going? Other Withholdings
◦ Insurance, Retirement, Flex-Plans
GROSS = Before
NET = After
These are OPTIONAL Deductions!
Part 2:
•Paying Taxes
Sales Tax
Property Tax
Income Tax
Flat/Fair Tax???
Protection
Education
Roads
Government Programs (welfare, social security, medicare, medicaid)
“Wage & Tax Statement”
Tells you:
◦ Amount of money you made
◦ Amount of taxes you already paid
Required for filing your taxes!!!
“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!
[(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