SECTION 2-2 pp.119-121 State Income Tax.

Slides:

Advertisements

Similar presentations

Lesson Objective Compute state taxes on a straight percent basis.

Advertisements

Chapter 2 Net Income.

Federal Income Tax CONT 110. Terms Adjusted Gross Income Adjustments to Income Earned Income Tax Credit Estimated Tax Payments Exemptions Health Savings.

Paying/Filing Income Tax. Two Things You Must Do In Life Die and pay taxes Tax system relies on voluntary compliance IRS (Internal Revenue Service)

Take-Home Pay The deductions taken out of your paycheck help support schools, roads, national parks, and more. Why do you think you have to pay taxes?

Exercises on computation of Income Tax. Example # 1 1.Mr. San Pedro receives a monthly income of P32, he happens to have 4 children which he has.

State Income Tax pp SECTION. Click to edit Master text styles Second level Third level Fourth level Fifth level 2 SECTION Copyright © Glencoe/McGraw-Hill.

SECTION 2-6 Statement of Earnings pp

Graduated State Income Tax pp SECTION.

BUS250 Business Mathematics Seminar 5. Try these examples Find the gross earnings for: Carolyn, who earns $15,000 a year and is paid weekly. $ Martha,

Section 2Employer’s Payroll Taxes What You’ll Learn  How to calculate the employer’s FICA taxes.  How to calculate federal and state unemployment taxes.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.4Slide 1 2.4State and City Income Taxes Calculate state and city income taxes using a flat tax rate.

Take-Home Pay The deductions taken out of your paycheck help support schools, roads, national parks, and more. Why do you think you have to pay taxes?

SECTION 2-3 pp Graduated State Income Tax.

What items must be included in your notebook ? What items must be included in your notebook ? When is the notebook due? When is the notebook due? When.

Graduated State Income Tax pp SECTION.

Federal Income Tax pp SECTION. Click to edit Master text styles Second level Third level Fourth level Fifth level 2 SECTION Copyright © Glencoe/McGraw-Hill.

Income Tax Arithmetic. Income Tax The table shows the tax rates in force at the present time. Rate of TaxTaxable Income Lower rate 20%£1  £2 500 Basic.

Taxes and Your Paycheck Career and Financial Management 2.

Chapter 2 Net Income (page 114)

Determining Payroll Tax Withholding Lesson Payroll Taxes Payroll Taxes: taxes based on the payroll of a business Payroll Taxes: taxes based on the.

2.1 F EDERAL I NCOME T AX FIT: (Federal Income Tax) is money withheld by employers. Required by law Amount is dependent on how much is made Taxes are used.

SECTION 2-4 pp Social Security & Medicare Taxes.

Practical Math Applications © Cengage Learning/South-Western Practical Math Applications © 2011 Cengage Learning. All rights reserved. May not be scanned,

Payroll Computations, Records, and Payment Section 2: Calculating Earnings and Taxes Chapter 10 Section Objectives 2.Compute gross earnings of.

Payroll Computations, Records, and Payment Section 2: Calculating Earnings and Taxes Chapter 10 Section Objectives 2.Compute gross earnings of employees.

Vocabulary Understanding the IRS. Vocab W-2 Form Electronic filing Tax Refund Tax liability W-4 Form Federal income tax Social security tax Medicare tax.

Graduated State Income Tax pp SECTION.

SECTION 2-5 pp Group Health Insurance.

SECTION 2-6 pp Statement of Earnings.

Monday March 6, 2017 ***Check on H&R Budget Challenge*** Personal exemptions: Single - $2,000 Married- $4,000 Each dependent- $2,000 1) Martin Tabor’s.

Lapointe Productions Net Pay and Income Tax

Chapter 2 Net Income.

LESSON 12-2 Determining Payroll Tax Withholding

How tax is calculated on your Taxable income Example Your gross income = $126,000 Your deduction = $ 6,000 Taxable income = $120,000.

Journal You can choose whether you want to be paid $50,000 salary for the whole year of $20 an hour for however long you work. You will get time and a.

Monday February 27, 2017 **Check for H&R Block Budget Challenge**

Calculations Percentage Method Tax Withholding; Depositing and Reporting Withheld Taxes; Garnishments.

© 2014 Cengage Learning. All Rights Reserved.

Taxable Income Unit 3 – Taxes – Day 1 Notes.

© 2015 Cengage Learning. All Rights Reserved.

Ms. Alltucker Accounting II

Calculations Percentage Method Tax Withholding; Depositing and Reporting Withheld Taxes; Garnishments.

SECTION 1-1 Hourly Pay pp

SECTION 2-1 pp Federal Income Tax.

SECTION 1-5 Salary pp

SECTION 5-5 Compound Interest pp

Personal Financial Literacy

Tax Returns Who has to file tax return by 4/15/2014? Federal State

Group Health Insurance

SECTION 1-1 pp Hourly Pay.

Lapointe Productions Net Pay and Income Tax

Types of Tax Plans Unit 3 – Taxes – Day 2.

SECTION 7-3 Finance Charge: Average-Daily-Balance pp

SECTION 13-7 Employee Training pp

SECTION 1-1 Hourly Pay pp

CHAPTER 8 Personal Finance.

SECTION 2-2 State Income Tax pp

SECTION 2-1 Federal Income Tax pp

© 2014 Cengage Learning. All Rights Reserved.

SECTION 10-2 Monthly Payment and Total Interest pp

SECTION 2-4 Social Security and Medicare Taxes pp

Federal Income Tax Section 2.1.

Business Math Assignment

SECTION 7-3 Finance Charge: Average-Daily-Balance pp

Warmup What is the take-home pay each month?

Chapter 14: Taxes and Government Spending Section 2

Federal Income Tax Lesson 3.1a.

$ $ $ $ Section 2 Employer’s Payroll Taxes What You’ll Learn

CHAPTER 8 Personal Finance.

Presentation transcript:

SECTION 2-2 pp.119-121 State Income Tax

Section Objective Compute: State taxes on a straight percent basis

Key Words to Know personal exemptions (p. 119) The number of people an employee supports, on which taxes are based, also called withholding allowances.

Formula 1 How do I calculate taxable wages Taxable Wages Personal Exemptions = Annual Gross Pay –

Formula 2 How do I calculate annual taxes withheld? Annual Tax Withheld = Taxable Wages × Tax Rate

Jack’s Jackpot p. 119 Why do most states charge taxes?

Example 1 Patricia Line’s gross pay is $65,800 a year. The state income tax rate is 3 percent of taxable wages. Line takes a married exemption for herself and her husband. Use the Personal Exemptions table below to find out how much is withheld from her gross earnings for state income tax within the year.

Example 1 (cont.) Personal Exemptions Single: $2,000 Married: 4,000 Each Dependent: 2,000

Example 1 Answer: Step 1 Find the taxable wages. Annual Gross Pay – Personal Exemptions $65,800.00 – $4,000.00 = $61,800.00

Example 1 Answer: Step 2 Find the annual tax withheld. Taxable Wages × Tax Rate $61,800.00 × 3% = $1,854.00

Practice 1 Use the Personal Exemptions table in Example 1 to find the amount withheld. Tomoko Nakazawa. Earns $38,657 annually. Married, no dependents. What are her personal exemptions?

Practice 1 Answer $4,000

Practice 2 Paul Chamello earns $168,000. He is single. His personal exemptions include himself and his five children. The state tax rate is 2.5 percent of taxable income. What amount is withheld yearly for state income tax?

Practice 2 Answer $3,900

END OF SECTION 2-2 State Income Tax