Assignment: Your Federal Income Tax worksheet - Link!
Today you received a pretty complicated (yet simplistic at the same time) form for figuring out your federal taxes.  A few of you came in at break as I suggested and got some help, but the rest of you just might be struggling to figure this form out.  Hint #1 - follow the directions.  Hint #2 - your parents CAN most likely help you navigate this form, so do check with them ... just tell them not to expect actual federal compliance or accuracy. ;-)
Follow the steps, as we did in class today, this time using YOUR GAI to calculate your NAI.  This is a graduated tax, so pay attention to the details.  Your grade will reflect how well you follow these steps using your GAI, so be careful.  You may definitely use a calculator and round to the nearest penny or dollar.
Due Thursday (in the in-basket)

In your FP Book:
Assignment #5 - Paycheck Calculations, page 15 (15 points)
might be struggling to figure this form out.  Let me tell you that your parents CAN most likely help you navigate this form, so do check with them ... just tell them not to expect federal compliance. ;-)
Follow the steps, a
On this page, you have three different scenarios to calculate taxes for.  Jamal will remind you of Kyle, but now you will use proportions to figure out the taxes he pays in each of these categories.  (remember, there were no taxes in Kyle's world)  You will then meet Trey and Marie, both of whom earn salaries as given.  Note that there FICA taxes have different percentages, yet the other tax rates are the same ... with different numerical results.  
Use a calculator, set them up as proportions as needed, round to the nearest penny or dollar (be consistent with your choice), and check it off on your assignment sheet when completed!