KALI DELA CRUZ - How Much Do I Pay In Taxes Assignment - 3033494.pdf

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CALCULATE: How Much Do I Pay in Taxes?Everyone has to pay taxes, but how much you pay depends on a lot of factors. In this activity, explore how three factors(your salary, the state you live in, and the cost of living) can have a big impact on how much you pay in taxes and howmuch you have leftover to spend on yourself.Part I: Your SalaryThe biggest variable in the amount of taxes you pay is how much you make. UsingTurboTax’s TaxCaster: Free TaxCalculator, compare the two individuals below and see how their tax burdens differ due to a large difference in salary.Meet MarcelMarcel is in his first job aftercollege, working at City CenterBank as a teller.He is not married, nor does hehave any dependentsHe will be 23 on Dec. 31, 2017He is not being claimed by hisparents or anyone else as adependentMarcel’s taxable wages1is$35,000Meet StephanieStephanie has beenworking at City Center Bankfor 5 years. She is now anassistant manager.She is not married, nordoes she have anydependentsShe will be 28 on Dec. 31, 2017She is not being claimed by her parents or anyoneelse as a dependentStephanie’s taxable wages1is $50,000Neither has withheld any money towards federal or state taxes, and has no unemployment income2They have no “Other Income,” “Business Income”Both Marcel and Stephanie had health coverage for the entire year

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Term
Winter
Professor
kurt
Tags
Taxation in the United States, Marcel

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