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Tax Overview

Fictional paycheck: Gross Pay

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.

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 ?

LET'S REVIEW

We'll take a break here. Good job! 

Do you remember your tax bracket ?

LET'S PRACTICE !