Personal Finance – 11/14/16
I. Bellwork –
Questions & Answers
- If each person made $40,000, which person would have more federal and state tax withheld, a single person with 1 exemption or a married person with 2 exemptions?
- What is the standard withholding tax rate for Michigan?
II, Objectives:
Content Obj
- given gross wages and allowances, determine fed and state tax withheld from wages for bi-weekly, semi-monthly, and monthly pay periods
- use a simulation to make financial decisions by paying and recording expenses while balancing a budget
Lang Obj.
- interpret transactions and record them correctly in the simulation
- explain how to determine fed and state tax withheld from wages
III. Classwork:
- 6.1.4.1 Calculating Net Wages (Use schedules on iLearn)
- Banzai Simulation
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