Personal Finance – 11/21/2016

I.  Bellwork

A.  Show your Work

1. Nour’s previous year-to-date gross wages are $113,000, her current wages are $1,200.  Determine her current year-to-date gross wages.
2. How much of Nour’s current wages would be taxable for Social Security?
3. What would be the Social Security Tax amount based upon the wages?

II.  Objectives:

Content Obj.

• given gross wages and exemptions, determine FICA, Federal  and State tax withheld from wages for weekly, bi-weekly, semi-monthly, and  monthly pay periods.

• analyze transactions and make sound financial decisions given various scenarios

Lang Obj.

• interpret financial information and record them in the simulation
• explain how to determine withholding taxes from wages

III.  Withholding Test tomorrow

IV.  Classwork:

• H & R Block Budget Challenge (15 minutes) – Record checks and fees on Spreadsheet
• Withholding Review on iLearn (30 minutes)

 

 

Personal Finance F2016