Transcript Chapter 11 Taxes - bishopa-CF

WARM UP
Write these numbers in words
 1,000
 100
 10,000
 1,000,000
CONSUMER FINANCE
Chapter 11: Paying Taxes
Lesson 1: Large Numbers
DIRECTIONS (Large #s)
I DO (BIG #s)
Write numerically
Number
1. 1.6 million
2. 72.5 trillion
3. 416 million

WE DO (BIG #s)
Write numerically
Number
1. 605.6 billion
2. 250 thousand
3. 260.408 billion

I DO (BIG #)

Write the #
Number
1.
2.
3.
200,500,000
1,000,000,000
65,000
WE DO (BIG #)

Write the # in words
Number
1.
2.
3.
350,750,000
20,500
35,500,000,000
REVIEW

Today we learned how to write large #s
HOMEWORK

Worksheet
WARM UP




.35 x 500,000
.30 x 250,000
.25 x 1,250,000
.10 x 3,250,000,000
CONSUMER FINANCE
Chapter 11: Paying Taxes
Lesson 2: Federal Budget
VOCAB


Revenue is the income, or money, that federal
or state agencies collect and use
Receipts are income
DIRECTIONS (Federal Budget)


Read the Circle graph
Multiply

Chart x 3.8 trillion

The fed budget for 2012 was $3.8 trillion
I DO (Federal Budget)
Find the amount of
money for Each Source
Source
1. Individual Income Taxes
2. Social Insurance Taxes and Cont.
3. Corporate Income Taxes
4. Excise Taxes
5. Other

WE DO (Total Dividends)
Find the amount of money for Each Source that the
federal budget is spent on
Source

1.
2.
3.
4.
5.
6.
7.
8.
Health
Treasury
Defense
Executive Office
Agriculture
Labor
Transportation
Other
REVIEW

Today we learned how to calculate the amount
of money for each section of the federal budget
HOMEWORK

Worksheet
IS / OF = % / 100
WARM UP
1.
2.
3.
4.
3575 – 250
450 + 2100 + 365
93000 – 5402
3156 + 250 + 2150
CONSUMER FINANCE
Chapter 11: Paying Taxes
Lesson 3: Paying Taxes
VOCAB




Income is the amount of money you earn
Deductions and Exemptions are money you
take away from your income
Dependent is a person who is supported
financially by another person
Taxable Income is the total income on which
taxes are paid
Examples

Deductions
Interest on a mortgage/loan
 Medical Expenses
 Losses not covered by insurance
 Taxes you paid
 Gifts to charities

DIRECTIONS (Paying Taxes)

Add


All numbers in the taxable income = Total
Exemptions and Deductions
Subtract

Total Income – Total Exemptions and Deductions
I DO (Paying Taxes)

1.
Find the amount of Taxable income
Item
Amount
Total Income
Medical
$4500
$42586
1.
2.
Dependents
Dependents
1.
2.
Interest on Loan
Gifts
$1600
$7500
$856
$939
$79421
WE DO (Paying Taxes)

1.
Find the amount of Taxable income
Item
Amount
Total Income
Business Loss
$14987
$109011
1.
2.
2.
State Taxes
Gifts
Dependents
1.
2.
Charity
State Taxes
$1234
$658
$5000
$87
$358
$36941
YOU DO (Paying Taxes)

1.
Find the amount of Taxable income
Item
Amount
Total Income
Medical
$23356
$65395
1.
2.
2.
Gifts
Taxes
Dependents
1.
2.
Charity
Uninsured Loss
$2573
$1500
$3500
$350
$2300
$71250
REVIEW

Today we learned how to calculate the amount
of money being deducted from when you file tax
returns.
HOMEWORK

Worksheet
WARM UP
1.
Write the number in words
1.
2.
3.
4.
2,250
37,500
4,500,000
3,700,000,000
CONSUMER FINANCE
Chapter 11: Paying Taxes
Lesson 4: Reading a Tax Table
VOCAB




Single is a person that is not married
Jointly is when you are doing taxes together
Head of Household is a person who isn’t
married, paid more than half of the cost to
keeping up your house, and other people are
living in the house
Qualifying Widow(er) is a person who has lost
their spouse
Maryland


Average salary in 2010 was
52,360


25.17 per hour
BTW…this is before unemployment…

If you add all the people who don’t have a job the
mean drops to about 27000
DIRECTIONS (Tax Tables)


Find your status
Find your income
I DO (Tax Tables)

1.
2.
3.
4.
Determine the tax due
Status
Taxable Income
Single
$25,250
Married Joint
$26,375
Married Separate $25,450
Head of House
$26,125
WE DO (Tax Tables)

1.
2.
3.
4.
Determine the tax due
Status
Taxable Income
Single
$25,102
Married Joint
$26,345
Married Separate $25,768
Head of House
$26,575
YOU DO (Tax Tables)

1.
2.
3.
4.
Determine the tax due
Status
Taxable Income
Single
$25,300
Married Joint
$26,350
Married Separate $25,790
Head of House
$26,800
REVIEW

Today we learned how to determine the tax due
depending on your filing status and income.
HOMEWORK

Worksheet
Warm Up
 118,673
– 109,250
 Answer x 30.5%
 Answer + 24,393.75
Consumer Finance
Chapter 11: Paying Taxes
Lesson 5: Using a Tax Schedule
DIRECTIONS (Tax Schedule)


Find tax bracket
Subtract


Multiply


Income – “amount over line” = Taxable Income
Taxable Income x Percent
Add

Answer + “amount on the form” = Tax
I DO (Tax Schedule)

Find the tax on each income
Income
1. $154,00
2. $107,123
3. $53,200
4. $162,000
5.
Status
Joint
Separate
Joint
Separate
WE DO (Tax Schedule)

Find the tax on each income
Income
1. $275,150
2. $122,462
3. $22,350
4. $341,200
5.
Status
Joint
Separate
Joint
Separate
YOU DO (Tax Schedule)

Find the tax on each income
Income
1. $319,340
2. $175,300
3. $123,450
4. $225,150
5.
Status
Joint
Separate
Joint
Separate
REVIEW

Today we learned how to calculate the tax on
certain incomes.
HOMEWORK

WORKSHEET
WARM UP




5230 – 3615
3987 – 3876
4567 – 4892
5123 - 5432
CONSUMER FINANCE
Chapter 11: Paying Taxes
Lesson 6: Refunds and Balance Due
VOCAB


Refund is a payment returned to the taxpayer
Balance Due is a payment owed by the
taxpayer
DIRECTIONS (Refund or Balance
Due)

Subtract



Amount Withheld – Amount of Tax Due
+ is a Refund
- is a balance due
I DO (Refund or Balance Due)

Find the amount of money refunded or owed by
the taxpayer
Amount Withheld
1. $4000
2. $5000
3. $2764
4. $3823
Tax Due
$3679
$3814
$3769
$3649
WE DO (Refund or Balance Due)

Find the amount of money refunded or owed by
the taxpayer
Amount Withheld
1. $4700
2. $3230
3. $3100
4. $4300
Tax Due
$3974
$3769
$3709
$3754
YOU DO (Refund or Balance Due)

Find the amount of money refunded or owed by
the taxpayer
Amount Withheld
1. $3101
2. $5000
3. $4753
4. $3968
Tax Due
$3866
$4112
$5367
$3127
REVIEW

Today we learned how to determine whether or
not we got a refund or owe money after we pay
our taxes.
HOMEWORK

Worksheet
WARM UP



56,000 x .35
3.85 / 100 as a percent
28,500 x .035
CONSUMER FINANCE
Chapter 11: Paying Taxes
Lesson 7: Property Tax
DIRECTIONS (Assessed Value)

Multiply

Market Value x Assessment Rate = Assessed Value
ALL DO’s (Assessed Value)

Find the assessed value of the property
Market Value
1. $60,000
2. $70,000
3. $75,000
4. $65,000
5.
6.
$67,250
$71,500
Assessment Rate
45%
50%
40%
52%
47%
60%
VOCAB



Assessed Value is a figure based on a
percentage of the market value of property
Market Value is the selling price of property on
the open market
Property Tax is a figure based on the
percentage of the assessed value
DIRECTIONS (Tax Rates)

Divide

Rate / amount
ALL DO’s(Tax Rate)

Find the tax rate as a percent of the property
1.
2.
3.
4.
5.
6.
$3.67 per $100 of assessed value
$42.10 per $1,000 of assessed value
$3.52 per $100 of assessed value
$4.01 per $100 of assessed value
$37.51 per $1,000 of assessed value
$50.09 per $1,000 of assessed value
DIRECTIONS (Property Taxes)

Multiply

Assessed Value x Rate
ALL DO’s(Property Taxes)

Find the amount of property tax
Assessed Value
1. $27,000
2. $35,000
3. $30,000
4. $33,800
5.
6.
$31,607
$42,900
Property Tax Rate
3.67%
4.21%
3.52%
4.01%
3.75%
5.01%
REVIEW

Today we learned how to calculate property
taxes, assessed values, and tax rates on
properties
HOMEWORK

Worksheet
WARM UP




32.56 / 1,000
52% as a decimal
Multiply your 2 answers
Round to 3 decimal spots
CONSUMER FINANCE
Chapter 11: Paying Taxes
Lesson 8: Effective Tax Rate
VOCAB

Effective Tax Rate is the assessment rate time
property tax rate
DIRECTIONS (Effective Tax Rate)

Divide



Write the % as a decimal
Multiply


Property Tax / amount
The 2 answers
Round 3 decimal spots (thousandths)
I DO (Effective Tax Rate)

Calculate the effective tax rate for each property
Assessment Rate
1. 35%
2. 50%
3. 40%
4. 35%
Property Tax Rate
$36.70 per $1,000
$2.50 per $100
$36.70 per $1,000
$36.70 per $1,000
WE DO (Effective Tax Rate)

Calculate the effective tax rate for each property
Assessment Rate
1. 25%
2. 30%
3. 42%
4. 37%
Property Tax Rate
$47.23 per $1,000
$42.16 per $1,000
$3.70 per $100
$4.20 per $100
YOU DO (Effective Tax Rate)

Calculate the effective tax rate for each property
Assessment Rate
1. 33%
2. 39%
3. 42%
4. 36%
Property Tax Rate
$425 per $10,000
$3.70 per $100
$1.60 per $100
$22.00 per $1,000
REVIEW

Today we learned how to calculate the effective
tax rate on a property
HOMEWORK

Worksheet