Choose the number of hours a week you want to work. Research the hourly wage for the job you choose.

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

Job 1: This job is a part-time job that you may work while attending college or learning a trade. Choose the number of hours a week you want to work (between 10-30 hours).

Research the hourly wage for the job you choose.

a. What is your gross income after one year (52 weeks)?

b. What is your gross income each month?

c. Suppose 10% of your income is withheld for federal taxes, 3% is withheld for state taxes, and 7.65% is withheld for FICA taxes.

i. How much will you spend in taxes after one year?

ii. What is your annual net income?

Job 2: This is a job you see as a long-term career. Research the starting/average salary for the job you chose.

a. What is your starting/average annual salary?

b. What is your monthly income?

c. Use your annual salary for the following question. Suppose you qualify for:

i. Adjustments: $2000

ii. Standard Deduction: $6300 or Itemized Deductions: $11,000

iii. Exemption: $4050 per person

iv. Tax Credits: $150

What is your adjusted gross income?

What is your taxable income?

How much will you have to pay in taxes? (Refer to Table 8.1: 2016 Marginal Tax Rates from the 8.2 notes)

Job 3: This is another job that you see as a long-term career just in case your first choice doesn’t work out. Research the starting/average salary for the job you chose.

d. What is your starting/average annual salary?

e. What is your monthly income?

f. Use your annual salary for the following question. Suppose you qualify for:

i. Adjustments: $3000

ii. Standard Deduction: $6300 or Itemized Deductions: $2300

iii. Exemption: $4050 per person

iv. Tax Credits: $0

What is your adjusted gross income?

What is your taxable income?

How much will you have to pay in taxes? (Refer to Table 8.1: 2016 Marginal Tax Rates from the 8.2 notes)

Attachments:

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