taxes-math-homework-help

the project is names job presentation. only paraphrase but follow these instructions if you get lost. I will send you the attachments when you accept

Goals

Different jobs pay different amounts, but all employees have one thing in common. They pay taxes.

During this unit, you will explore pay amounts and federal income tax.

First youâ€™ll find the mean pay rate for a job youâ€™re interested in. Then youâ€™ll use that figure to complete a pay stub, a W-2, and a 1040. Finally, youâ€™ll compare differences in employment levels and pay rates for your chosen job throughout the United States.

Schedule of Completion

Suggested Time to Complete and What to Turn In

Project Research: 1 day. No submittals.

Project Writing: 3 days. Submit Lesson Checkpoint: Paycheck Deductions.

Project Reflection: 1 day. Submit your completed project to your teacher.

Project Instructions

Before beginning, review the sample presentation and the sample 1040 so that you understand what youâ€™ll be creating.

Project Files

You will use the following documents and tools for this project:

Â· Project Overview: PRM_B_02_project_overview.doc

Â· Project Template: PRM_B_02_project_template.ppt

Â· Spreadsheet Template: PRM_B_02_spreadsheet_template.xls

Â· Sample Presentation: PRM_B_02_sample_presentation.ppt

Â· Sample 1040: PRM_B_02_sample_1040.xlsx

Template

Download the project template and rename the file as JobPresentation_YourName. This file will become your presentation.

Download the spreadsheet template and rename the file as 1040Spreadsheet_YourName. You will use this file to help you create your presentation. You will also submit it along with your presentation.

Project Research

1. Go to the website for the U.S. Bureau of Labor Statistics: www.bls.gov. Under the Subject Areas tab, look under Pay & Benefits, and choose Wages by Area & Occupation. Then select the link for the National Wage Data for over 800 occupations.

2. You will first see a list of major occupational groups. Below this list is the full table of jobs. From this list, select a job that you are interested in. Do not pick the occupation used in the project sample. Notice that you can select a link from the major occupational groupâ€™s list to automatically move to a certain part of the table.

(a) In the list, you will see rows for general categories, such as Secretaries and Administrative Assistants. These categories do not have active links (not underlined). They are followed by detailed occupations under that category, such as Legal Secretaries and Medical Secretaries. These have active links (underlined). Choose a more detailed (underlined) occupation.

Tip: If you cannot find a particular occupation you are looking for, try different wording. For example, look for musician instead of rock star.

(b) Select the link for your chosen occupation. You will see a brief description of the job followed by mean wages.

3. Open your presentation. On slide 1, type your name. On slide 2, record the occupation title, occupation code (shown in the form xx-xxxx), mean hourly wage, and annual mean wage of your chosen career. If one of these amounts is missing, calculate it. Assume working 40 h/week for 52 weeks. Then summarize the duties of an employee with this job. Do not copy the description from the website word for word.

Project Writing

1. Complete Lesson Checkpoint: Paycheck Deductions, an online, ungraded assessment. Youâ€™ll practice calculating Social Security and Medicare taxesâ€”a skill essential to completing your project. Reach out to your teacher with any questions you have after taking this assessment.

2. Open your presentation. On slide 3, complete the pay stub.

(a) Choose a pay period. Choose weekly, biweekly, semimonthly, or monthly. Then choose if the job is paid by hourly wages or by a given salary. Complete the first sentence on the slide.

(b) Use the mean wages on slide 1 to calculate the gross pay for your chosen pay period. On the slide, briefly show or explain how you determined this amount. For example, multiply the hourly wage by 40, or divide the annual wage by the appropriate number of pay periods. (Note: Assume 40 hours if working an hourly wage.) Fill in the gross pay amount on the pay stub under Gross Pay.

(c) Use the gross pay amounts and the table below to determine the amount of federal income tax withheld. (Note: This table estimates a typical withholding amount for a single employee with no dependents. Actual federal withholding amounts in the real world will differ.)

Annual Gross Income	Federal Income Tax Withheld
Over $10,000 and up to $20,000	6% of gross pay
Over $20,000 and up to $40,000	10% of gross pay
Over $40,000 and up to $60,000	12% of gross pay
Over $60,000 and up to $80,000	16% of gross pay
Over $80,000 and up to $100,000	18% of gross pay
Over $100,000 and up to $120,000	20% of gross pay
Over $120,000 and up to $140,000	21% of gross pay
Over $140,000 and up to $160,000	22% of gross pay
Over $160,000 and up to $200,000	23% of gross pay
Over $200,000	25% of gross pay

Fill in the amount withheld for federal tax on the pay stub next to Federal Tax.

(d) Use the gross pay amount to calculate the Social Security and Medicare taxes. Fill in these amounts on the pay stub.

(e) Use the gross pay amount to determine the state tax. Some states have no income tax. The tax rates for states that do have an income tax vary. For this project, assume a 3% state income tax.

(f) Find the total of the taxes. Fill in the total tax amount on the pay stub under Tax Deductions.

(g) Use the list below to choose voluntary deductions. (Note: This table gives sample amounts only. Actual deductions in the real world will differ.) Choose at least two of these deductions.

Â· Retirement: Calculate 5% of gross pay.

Â· Health Insurance: Use an annual deduction of $1650 to calculate the deduction for the pay period.

Â· Life Insurance: Use an annual deduction of $400 to calculate the deduction for the pay period.

Â· Disability Insurance: Use an annual deduction of $150 to calculate the deduction for the pay period.

Fill in the calculated amounts on the pay stub. Fill in $0 for deductions not chosen.

(h) Find the total of the voluntary deductions. Fill in the total amount of voluntary deductions on the pay stub under Voluntary Deductions.

(i) Determine the net pay by subtracting the tax deductions and the voluntary deductions from the gross pay. Fill in the net pay on the pay stub under Net Pay.

3. Open your presentation. On slide 4, complete the W-2.

(a) Box 1: Enter the annual mean wage by multiplying the gross pay on your pay stub by the appropriate number of pay periods.

(b) Box 2: Enter the total amount of federal income tax withheld for a full year by multiplying the amount of federal tax withheld on your pay stub by the appropriate number of pay periods.

(c) Box 3: Social Security taxes are taken only up to a certain amount of pay, and this amount changes every year. For the purpose of this project, use $120,000 as the limit.

Â· If the amount in Box 1 is less than or equal to $120,000, then enter the amount in Box 1 into Box 3.

Â· If the amount in Box 1 is greater than $120,000, then enter $120,000 into Box 3.

(d) Box 4: Enter the total amount of Social Security tax withheld, which is 6.2% of the amount in Box 3.

(e) Box 5: Enter the annual mean wage, from slide 1. (Notes: Unlike Social Security, there is no limit on how much Medicare tax is taken out. Also, in the real world, this amount can be larger than the amount in Box 1 if your employer contributed money to your retirement plan.)

(f) Box 6: Enter the total amount of Medicare tax withheld, which is 1.45% of the amount in Box 5.

(g) Box 13: If you chose retirement as a voluntary deduction on your pay stub, then type an X in the appropriate spot.

(h) Box 16: Enter the amount in Box 1.

(i) Box 17: We are assuming a 3% state income tax, so enter 3% of the amount in Box 16 into Box 17.

Note: For the purpose of this project, ignore the shaded boxes. In the real world, you may see some of these boxes filled in.

4. Open your 1040 spreadsheet, which you saved with your name. In the 1040 tab, part of a blank 1040 is shown on the left. Instructions for filling out the 1040 are shown on the right. Follow all those instructions, in order. Tax Tables and Tax Formulas are given in the other two tabs of the spreadsheet. Round all values to the nearest whole dollar. You do not need to show dollar signs on this form. Save your work when you are finished. You will submit this document along with your presentation.

5. Open your presentation. On slide 5, type in the following information from your 1040, and then write the final statement about whether an employee with this 1040 would receive a refund or owe money, and give the amount that the person would receive or pay.

Â· Total income (from Line 22)

Â· Adjusted gross income (from Line 37)

Â· Taxable income (from Line 43)

Â· Tax (from Line 44)

Â· Total payments (from Line 72)

Â· The amount overpaid (from Line 73) or underpaid (from Line 76)

Project Reflection

1. Go back to the website for the U.S. Bureau of Labor Statistics and select the link for the occupation you chose. Scrolling down, you will find maps and tables with employment levels and mean pay rates for states and localities. Look through this information.

Â· Each map has a key that shows what the different colors on that map represent.

Â· The location quotient indicates the job concentration within a given area. The greater the location quotient, the greater the concentration of jobs in that area.

2. Open your presentation. On slide 6, write a discussion that addresses each of the following for your chosen job:

Â· Which areas of the United States have the highest levels of employment? Which areas have the lowest levels of employment? Why do you think this might be?

Â· Which areas of the United States have the greatest mean pay? Which areas have least mean pay? Do you find any of this surprising? Why or why not?

Â· Use your research to answer: If someone who wanted this job could move anywhere in the United States, where would you suggest the person move to and why?

Submission

Confirm that your project contains all your work:

Â· General job information

Â· A completed pay stub

Â· A completed W-2

Â· A completed 1040

Â· Your reflection on regional differences

Submit your project (both your presentation and your 1040) to your teacher

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