Personal Finance – 4/26/17

I.   Bellwork

A.  failure-to-pay-taxes

  1. Explain in detail the charges the business owner faced.
  2. What was the sentence in the case?
  3. Do you agree? Explain

II.   Objectives

  • Content OBJ – given gross wages and allowances, calculate fed and state tax withheld from wages
  • Discuss how Deductions, exemptions and tax credits reduce tax liability
  • Complete IRS form W-4 (Employee’s Withholding Allowance Certificate) to determine the optimal amount to withhold for personal income tax.
  • Lang OBJ – explain how to calculate fed and state tax withheld from wages

III.  Notebook

  • Map – Factors Determining Payroll taxes

 IV. Classwork

A)  W-4 Form

B)  Completion of a W-4

C)  Page 89 Vocab (7) & Pg 96 #7-10


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