Personal Finance – 12/08/2016

I.  Bellwork

A.  2016 Federal Tax Brackets/Rates

1. What is the lowest federal income tax rate based on income?
2. What is the highest federal income tax rate based on income?

B.  State Income tax

3. Which states have no state income tax?
4. List the two states that have the highest state income tax rates.

II.  Objectives

Content OBJ:

• Discuss and describe the tax system and different types of taxes.
• Properly complete a 1040EZ by interpreting and recording an individual’s personal and W-2 information.

Lang OBJ:

• Integrate and evaluate an individual’s personal and W-2 information by following multistep directions to complete a Form 1040 EZ.
• Read and discuss the types of taxes and categorize them by creating a tree map

III.  Read  & Discuss Pages 136-138

IV.  Notebook:

• Types of Taxes – Tree Map

V.  Classwork:

• Revisit Roberto & Nadine’s W-2 and 1040EZ (This time they are claimed by parents).
• H & R Block Write Checks

Personal Finance F2016