Where Do My Taxes GO?????. Federal Taxes Interstate and other national roads Federally-managed hospitals Federal law enforcement agencies and officers.

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Presentation transcript:

Where Do My Taxes GO?????

Federal Taxes Interstate and other national roads Federally-managed hospitals Federal law enforcement agencies and officers U.S. Military Federal museums Government employees salaries Research: Energy, medical, military Social Security Payments Medicare National Park Maintenance Medicaid Education, training, social services Interest on non-military debt Housing and community development Environment, energy, science Anti-poverty programs

What is your federal tax rate? Assuming you are single… Between$0$8,92510% $8,925$36,25015% $36,250$87,85025% $87,850$183,25028% $183,250$398,35033% $398,350$400,00035% $400, %

What is your FICA tax? 6.2% goes toward Social Security. 1.45% goes toward Medicare Add them up…7.65%

What is your state tax? State of Virginia…4.5% State taxes go toward state funded roads, museums, state programs, housing, school programs, etc.

Retirement Plan – 401k Assuming you are putting 5% into your retirement 401k plan. Remember, the 5% is calculated on GROSS pay.

Healthcare To make it easy, let’s assume your employer is paying the majority of your healthcare. You pay in only $50 per pay.

You do it….. You need to calculate what you will make Step 1 Open the Gross Pay- Taxes – Net Pay Worksheet (on school fusion) Step 2 Using one of your careers from Module 3.1 complete the worksheet based on that salary for the career NO PROFESSIONAL SPORTS CAREERS ALLOWED For the Federal Tax Rate Use the chart on slide 3 to get the percentage Step 3 Print out and turn in once you have calculated your Net Pay and answer the following question: Does this amount surprise you why or why not? Was it lower or higher than you expected? Explain…..