Thursday, October 26, 2017

12.E1 INDIVIDUAL RESPONSIBILITY AND THE ECONOMY: Individuals should set personal financial goals, recognize their income needs and debt obligations, and know how to utilize effective budgeting, borrowing, and investment strategies to maximize well-being. 12.E1a In making economic decisions in any role, individuals should consider the set of opportunities that they have, their resources (e.g., income and wealth), their preferences, and their ethics.

Essential Questions:


1. How do we fund our government in the United States?

2. Who pays what in taxes in the United States? See if you can guess the percentages for the following taxable income levels:

Less than 20k

20 - 50k

50-100k

100 - 150k

Over 150k


Required Reading for 10/27/17




A discussion on taxes and the IRS



1913 Form 1040



Tax Rates Chart

TSA	Ing National Trust		175.00	525.00	2,800.00
FICA	FICA (YTD Wages $53,771.05)		206.89	644.30	3,333.87
FICA	FICA Medicare Tax (YTD Wages $53,771.05)		48.38	150.67	779.61
FEDTAX	Federal Income Tax (Married, 1 exmpt.)		339.16	1,074.65	5,483.73
STATE	New York State Income Tax (Married, 1 exmpt.)		160.34	505.60	2,590.02