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Tax Overview

Please enter the subject below:

First Name

Last Name

What does "IRS" stand for ?

What does the "IRS" do ?

What is the name of the form the IRS uses to determine how much taxes you have to pay ?

What is a tax bracket ?

How does the IRS determine what tax bracket you are in ?

YES

If you remember your tax bracket percent, write it below:

Fictional paycheck: Gross Pay

1,000.00

A. What would your tax amount be ?

(Hint: Your Gross Amount x's your tax bracket percent)

B. What would your Net Pay be?

(Subtract: A-B)

C. What is the amount before taxes called ?

What is the amount after taxes called ?

Let's Breakdown Some of These Taxes !

The below taxes are paid to help our Senior Citizens, of which we will all be one day.

FICA =

Federal Insurance Contributions Act

Social Security Insurance

MCARE =

Medicare

Medical Insurance for the elderly and disabled people.

FICA TAX = 6.2 %

MCARE TAX = 1.45 %

What would your FICA Tax be on your Gross Pay above ?

What would your MCARE Tax be on your Gross Pay above ?

What was the total amount of (FICA & MCARE) taxes you paid ?

What is the 1st thing that comes to mind when you hear "Taxes"

Is this enough work or do you need more work ?

KID BUXX | Financial Literacy for Our youth