#13) Net Monthly Income (NMI) page 92
*you can only complete problems 1 - 3 at this time, but be sure that you complete them correctly!1 - This is the number on your sticker
2 - Divide that gross number by 12 (use a calculator and round to the nearest dollar if you want to)
3 - Using the federal tax table sheet that I gave you: find your gross annual income on the sheet, go to the column based upon your marital status, and find the amount of taxes you will pay annually. Write this number beneath #3, but divide it by 12 and then write that number in the box on the right.
Note: If your parents are helping you with this, they will notice that these are old tax tables (specifically 2001), but these older numbers are the numbers that I have based your budget on, so please do not get a current tax table to use for this assignment. If you are interested though, look it up online and see how much you would have paid this year!
#14) NMI Calculation Practice page 55 (1 - 3 only)
*All of the practice scenarios are given to you on the page; you may use a calculator if you would like to.
*Deductions are the amount of money you will pay in taxes; your income is not a deduction.
*The last line is the NMI ... remember what those letters stand for?
(see the Mo'help page if you need to)
Tomorrow: More taxes, your NMI, and lucky chances!
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