State Indicator/Competency: Calculate expected values and use them to solve problems.
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1 Academic/Career &Technical Related/Demonstration Lesson Plan lnstructor_--=-j=ul:..:..:ie=-=le::..:w:..:.. = s Date Blizzard Bag #1 Program/Ciass --=B~S:...:N...:.M=a.t:.:.h= Period 5) ~ ~ 1 State Indicator/Competency: Calculate expected values and use them to solve problems. Instructional Objective(s): 2.1 Deductions from Gross Pay 1. Students will be able to find federal withholding tax deductions with 80% accuracy. 2. Students will be able to calculate Social Security and Medicare tax deductions with 80% accuracy. 3. Students will be able to calculate total deductions and net pay with 80% accuracy. 2.2 Federal Income Taxes 4. Students will be able to calculate adjusted gross income and taxable income with 80% accuracy. 5. Students will be able to calculate the income tax due with 80% accuracy. 6. Students will be able to calculate the income tax refund for single dependents with 80% accuracy. 2.3 State and City Flat Income Taxes 7. Students will be able to calculate state and city income taxes using a flat tax rate with 80% accuracy. 8. Students will be able to calculate state and city income taxes using a graduated tax rate table with 80% accuracy. 2.4 Benefits and Job Expenses 9. Students will be able to calculate total job benefits with 80% accuracy. 10. Students will be able to calculate total net job benefits with 80% accuracy. 11. Students will be able to compare the net job benefits of jobs with 80% accuracy. 2.5 Analyze Take- Home Pay 12. Students will be able to calculate take-home pay as a percentage of gross pay with 80% accuracy. 13. Students will be able to calculate the impact of a raise on take home pay with 80% accuracy. 14. Students will be able to calculate potential tax savings of a cafeteria plan with 80% accuracy. Materials: textbook, calculator, binder, writing utensil Method of Instruction: Independent Student Led Activities: 1. Find the total FICA tax on incomes of $35, X = $2, Find each person's taxable income a. Clara is single and has a gross income of $32,600. She pays $2,600 into an approved retirement plan. Clara has deductions of $6,900. She has one exemption for herself b. Clark and his spouse have a gross income of $33,000. They file jointly. They make payments into an approved retirement plan of $3,000. Their itemized deductions were only $4,300. So they will take the standard deduction of $10,900. They claim two deductions.
2 SOLUTION Gross l11rome \djustm~nls ta lnrum>' Adlust~d Gro>s lncome De;iuclions ExempLiuns T.lX<lble Jncome b. Th~e Crosses $33, $3L\0t};1 lll.'llj.:) $l~l, LOO - 7.0Ll\1 $L2, loo II It For 1a~abl~ ancomc Ov r- Bu 1 nol o\'cr :nu~ tjx is 5. 1 fi{ 1.~ ll tn :lol ,000 $160 plus 396 of taxable income ov~ $8.ooo 16, 10 24,000 $400 plus 496 of taxable income over I 24,000 32,000 $720 plus 596 of tan~le income over $24,000, $1,120 plus 6% of taxable income over $31, $1,600 plus 7~ of taxable income over.$ ,000 S2,160 piu$ 8% or taxable incqme over $4$,000 $6,UOQ $2,800 plus 9% of taxable fncome over $ , $3;520 plus 10% of taxable income O\?el' $64, Your taxable income last year was $25,800. Using the graduated income tax table, what you're your state income tax? Assessment: Blizzard Bag #1 WS (10pts) Find the tax on taxable income up to 24000: $720 Find the taxable income over 24000: =$1,800 Find the tax on 1800 at a rate of 5%: 1800 x.os =$90 Find the total state income tax: = $810.00
3 BSN Math: Lewis Blizzard Bag 1 Name Directions Read through the entire project before you begin doing any work. Introduction Twanya and Lewellyn Madison are married and have one son. Twanya works part-time and Lewellyn works full-time as salesclerks in the same department store. Step One The Madisons complete their joint federal income tax return for last year's income. Their gross income last year was $44,150. They had adjustments to income for an approved retirement plan of$2,870. They also itemized their deductions and found a total of$8,380. They claimed three exemptions (one each for TWanya. Lewellyn, and their son) at $3,100 each. 1. What is their taxable income? :z. Using the tax table, what is the amount of their federal income tax? 3. The Madisons' employer deducted $2,7041n federal withholding taxes during the year. Will the Madisons have to pay more taxes or will they receive a refund, and what is the amount? Step Two The Mad.isons also must complete a state income tax return and pay a tax on the amount of taxable income shown on their federal return. 4. Using the graduated tax rate schedule, what is the amount of their state income tax? 5. The Madisons employer deducted $706 in state withholding taxes during the year. Will they have to pay more state income taxes or will they receive a refund, and what is the amount? Step Three The Madisons' son. Dwayne, earned $2,130 last summer to help with the cost of his schooling. He also earned $84 in interest through his savings account. His employer deducted $256 in federal and $78 in state withholding taxes. Dwayne needs to complete state and federal income tax returns in order to get refunds of the taxes that were withheld from his wages. 6. Using the tax table, find the amow1t of Dwayne's federal income tax. He claims the standard deduction, which is a minimum of$850 and a maximum of$5,450.
4 7. How much federal income tax refund should Dwayne expect? 8. Using the graduated twr. rate schedule, find the amount ofdwaynets state income tax. 9. How much state income tax refund should Dwayne expect? Step Four All the Madisons paid FICA taxes at 7.65% on their gross wages. 10. How much FJCA taxes did the parents pay? 11. How much FICA taxes did Dwayne pay? U. What total amount ofstate income, federal income, and FICA taxes did the parents pay? 13. What total amount ofstate income, federal income, and FICA taxes did Dwayne pay?
5 Ifthe wages are- And the oumber of withholdfns allowances daimed ia- At least But lea Ibm s g the amount of tnrome tax lobe witbbeld i (J Q I 0 o s 0 0 {) ~ {J (} IS :ID so SO S u ss 4.S 3S S I t) I 0 SOD s G u S ls ls B 1 0 I} sso Married Persons-Weekly Payroll Period {For Wages PaJd In 2008) Jfthewaseaare- At least 440 But less lhan 4-50 Aod the number of wtlhholdlng allowances claimed fs s The amount of Jncome tar to be withheld is u (} S s ! soo 'l IS (} g Sl\ {) 0 0 S30 S40 4l u ls sso ~ s sso ? (J 570 sao 4S ls so lito ~ ? 37 2S
6 "" = ill~ fuabh ' =M43 m.)la AndYc~uare- Sng~ IMamedl-~~-~ 13,000,3,000-1~ 1;~ 1',308' ,(l94 13,05R 1~100 1,670 1,sd8 1,570 t;40t 13,100 13,150.,1,578 1,313 1,51e 1,~09 13,150. t3,2m 1,585 1_,318 1;585 1,416 13J OO '13,250 1,593,,m ~~- 1;424 13~ '.~00 1,~ 1,600 1,431 13,300 1~350 1, ; '360 13,400 1,615 1',338 1,~1~ 1;446 13iAOO 1'3.45o. 1,6'23 1,343 13,450 13; ,;:m 1,45:4 1,461 '13;500 1~ ~~ 1,353 1,63S 1.46S 13, ~ 1,645 1,368 1,645 1~476 1~;60!1 19,650 i,6s3 1,363. 1,653 1,~ 13,6$0 13,700 1.~.1, ,491 1;1,100 13; ' 1,373 1;688 1,499 13, Q 1,675 1,378 1,675 1,~ 13,300 13,450 1;683 1,383 1,B83 1,514 13,150 13, , ,521 13:m 13,9So U :698 1,529 13, 0 14,000 1,705 C39B 1,705 1,536 Graduated Tax Rate Schedule lf li~w43 f;.-:;_ _ 1~1 23,000 ~~~ -~~od~~e;~ =sa,glo ~'ry\ ~ - r=e 1'11.101~ ld ~\. flung, Oil =~ Your~la- ~yolin- You;aaxla ' 23,000 23,050 :s.063 2;671 3; ,05.0 ~.100 3,070 2;67~ 3,070 2; ,1(10 23,150 3, !1 3,078 '2,909, 23,150 23,200 3,065. 2;6$4 s;o~ 2.9\G ~ ,093: 2, ,250 23;300 3,100, ,100 2,9,31 2$;300 '.23,350 3, ,108 2,039 2;3, ,4110 3,115 2,724' 3,115 2,1J46 23,400; 23A50 3,123 '2,731 3,123 2;11-5'1 Z3,450 23,~ 3,1; , ' 23,500>23,550 3,~ ,138 2,960 23i5SO 23, ,754 3,145 ' 2,976 23,600 23,650 3, a,153 2,984 23,650 23,700 3 ~16Q ,160 ' ,700 23;750 3,168 2,776 3,168 2,999 23,750 23,800.3,175 '2,784 3;175 3,000 23,800 23,850 '3,183 2,791 3,183 3,014 23,850,23,9()0 3,190 2;799 3;190.s;021 23,900.23,950 3,198 '2,806 3,198 3,029 23,950.24,000 3,205 2,814 3;2as 3,036, ;4nci You.,. ~~~[(f -~ ~rlnea3 taxabl1. nco~) la- As., = But_ mngt&: V~t:tulto. & ' so ' :8:' ~~ ' 16 11! , SD $.0 27S ' (\ ~ :il M ' gg 3jl.39 ~ S : 44 4SO 4' ~ ~9 500 ' !US '&9!!9' t: , ~ ' For taxable income Over~ But not. over- The tax is $-0 $8,000 2% of taxable income 8,000 16,000 $160 plus 3% of taxable income over $8 000 I ,000 $400 plus 4% of taxable income over $16,000 24,000 32,000 $720 plus 5% of taxable income over $ ,000 40,000 $1 120 plus 6% of taxable income over $32,000 40,000 48,000 $1 600 plus 7% of taxable income over $40,000 48,000 56,000 $2,160 plus 8% oftaxable income over $48,000 56,000 64,000 $2.800 plus 9% of taxable income over $56, ,000 $3,520 plus 10% of taxable income over $64,000
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