Taxes, Salary, Growth and Money

Choices
Part 1: What are Taxes
Answer the following questions and fill out the tables below.
1. What are Federal Taxes? Federal income taxes are applied on all forms of earnings that
make up a taxpayer's taxable income, such as employment earnings or capital gains
2. What are State Taxes? Most individual U.S. states collect a state income tax in addition
to federal income tax.
3. Why do we have to pay taxes? The government uses taxes to pay for things that most
people use, such as roads, schools, libraries, police and fire protection.
4. What is the 16th amendment to the Constitution? The Sixteenth Amendment (Amendment

XVI) to the United States Constitution allows the Congress to levy an income tax without
apportioning it among the states or basing it on the United States Census.
5. What is Gross Income/Salary? An employee's gross pay is the amount of his wages
before any deductions, including taxes and benefits.
6. What is Net Income? In business, net income (net earnings, net profit, and informally,
bottom line) is an entity's income minus cost of goods sold, expenses and taxes for an
accounting period.

Part 2: Salary and Taxes

1. Go to your cacareerzone.org or look on your Mash-up and find your two occupations
you want to pursue and write them below with the lowest annual gross
Wages/income/salary.
2. Go to the http://www.irs.com/articles/2015-federal-tax-rates-personal-exemptions-andstandard-deductions and find both Occupations 2015 Federal Tax Rate and fill in the
chart below.
3. Go to https://www.ftb.ca.gov/forms/2015_California_Tax_Rates_and_Exemptions.shtml
and find both Occupations 2015 State Tax Rate and fill in the chart below.

CAcareerzone
Occupation
Registered Nurse
Special Ed
Teacher

Lowest
Gross
Salary
$63,640
$43,040

Federal
Deduction
%
25% =15,910
25% =10,760

State
Deductio
n%
9.30%=
-5,918.52
8% =
-3,443.20

Annual
Net
Salary

Monthly
Net
salary

$41,811.48

$3,484.29

$28,836.80

$2,403.06

Part 3: Occupation Projections 2012-2022

1. Look up the top 5 highest, fastest and New Jobs in the U.S and list them
below

1
2

Oral and Maxillofacial

Surgeons
Physicians and Surgeons

Industrial Organizational
Psychologists
Personal Care Aides

Personal Care Aides

Registered Nurses

Taxes, Salary, Growth and Money

Choices
3
4
5

other
Surgeons
Obstetricians and
Gynecologists
Internists general

Home Health Aides

Insulation Workers
Mechanical
Interpreters and
Translators

Retail Salesperson
Home Health Aides
Combined Food
Preparation

2. Are any of your occupations in any of these categories?

Yes, Registered Nurse is on the Most New Jobs (Projected) category.

Part 4: Make Money Choices

1. Go to cacareerzone.org and login.
2. Go to GROW and Select Make Money Choices
3. Select PICK YOUR SALARY
4. In the Box EXPECTED ANNUAL SALARY put your ANNUAL Salary in from
the chart above. Make sure you do NOT put in your GROSS Salary. Everyone
has to pay taxes =(
Expenses
Housing Expense
Utilities Expense

Cost
$1,147
$220

Food Expense
Transportation Expense
Clothing Expense
Health Care Expense
Entertainment Expense
Savings Investment
Student Loan

$250
$350
$50
$87
$40
$680
$579

What did you choose

Rent an apartment
Mobile, Internet, Cable, Gas,
Electric, etc.
Fancy at home food
I own a used compact car
New outfit every few months
Group plan paying for part of cost
I dont go out often
Save at least 25% of what I spend
Private school with some financial
aid
Annual Salary from your excel page
and see how much you have left
over or indebt