Professional Documents
Culture Documents
Mloneychoices
Mloneychoices
Choices
Part 1: What are Taxes
Answer the following questions and fill out the tables below.
1. What are Federal Taxes?
a. It is tax deducted by the federal government.
2. What are State Taxes?
a. It is Taxes deducted by the state government.
3. Why do we have to pay taxes?
a. To pay for federal and state projects.
4. What is the 16th amendment to the Constitution?
5. What is Gross Income/Salary?
a. This is your pay before tax deduction.
6. What is Net Income?
a. This is your pay after tax deduction.
Part 2: Salary and Taxes
1. Go to your schoolloop Dropbox open your 3 Occupations and pick your two favorite
occupations (No pro Athlete, singer, dancer etc) you want to pursue and Fill in the 1 and
2 in the chart below.
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 I #3 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 #4 in the chart below.
1. CAcareerzone
Occupation
2. Lowest
Gross
Salary
3. Federal
Deduction
%
Anesthesiologist
$220,000
33.5%
9.5%
$134,134
$11,177
Epidemiologist
$220,000
33.5%
9.5%
$134,134
$11,177
1
2
3
4
5
Orthodontist
Dentist
Computer System Analyst
Nurse Anesthetist
Physician Assistant
2%
2%
2%
1.3%
1%
1,500
23,300
118,600
7,400
28,700
$106,932
$9,422
$113,064
$113,064
$113,064