Rubric To get an “A” for this project you need the following Tables for each state.

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Presentation on theme: "Rubric To get an “A” for this project you need the following Tables for each state."— Presentation transcript:

1 Rubric To get an “A” for this project you need the following Tables for each state.

2 State Taxes State (# Tax Brackets) Sample State #1 (9) Sample State #2
Tax Rate LOW Tax Rate High Lowest Income Bracket Highest Income Bracket Personal exemption (single) Personal exemption (married) Dependents (each child) Sample State #1 (9) 1.4% 11% $2,400 $200,001 $1,040 $2,080 Sample State #2 (8) 0.35% 8.98% $1,439 $64,756 40* 80* Sample State #3 (None) N/A STATE #4 ONLY ONE TAX RATE 3%

3 YOU MAY WANT TO MAKE A TABLE
Income Tax brackets Income Tax Bracket STATE #1 Tax Bracket (yearly earnings) Tax Rate (%) [9] $ % $2, % $4, % $9, % $19, % $36, % $48, % $175, % $200, % Income Tax Brackets STATE #2 Tax Bracket (yearly earnings) Tax Rate (%) [8] $ % $1, % $2, % $5, % $12, % $28, % $42, % $63, % States charge taxes to pay for police and fire protection, public schools, roads, libraries, food inspection, drugs and other consumer products. YOU MAY WANT TO MAKE A TABLE

4 State #1 Married, four dependents Single, one dependent
$32,500 Median Income - $2,500 Single - $1,000 One Dependent Tax Rate 3% $29,000 x .03 = $870 / 52 weeks = $16.73 per pay check Married, four dependents $32,500 Median Income -$4,500 Married -1,000 x 4 (4,000) Tax Rate 3% BIWEEKLY DEDUCTIONS $24,000 x .03 = $720 /26 weeks = $______ per pay check

5 State #2 Married, four dependents Single, one dependent
$32,500 Median Income - $2,500 Single - $1,000 One Dependent Tax Rate 3% $29,000 x .03 = $870 / 52 weeks = $16.73 per pay check Married, four dependents $32,500 Median Income -$4,500 Married -1,000 x 4 (4,000) Tax Rate 3% BIWEEKLY DEDUCTIONS $24,000 x .03 = $720 /26 weeks = $______ per pay check

6 State #3 Married, four dependents Single, one dependent
$32,500 Median Income - $2,500 Single - $1,000 One Dependent Tax Rate 3% WEEKLY DEDUCTIONS $29,000 x .03 = $870 / 52 weeks = $________ per pay check Married, four dependents $32,500 Median Income -$4,500 Married -1,000 x 4 (4,000) Tax Rate 3% BIWEEKLY DEDUCTIONS $24,000 x .03 = $720 /26 weeks = $______ per pay check


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