Presentation of Your Family
Your name______
Your Spouse’s Name:
Your Children’s Names, Ages, and Gender:
11 year-old:
13 year-old:
Your job (you must work in Orange):
Does your spouse work?
Your family’s annual income before taxes:
To find your monthly income after taxes:
1. Go to www.paycheckcity.com/NetPayCalc/netpaycalculator.asp
2. Enter the tax year as 2008 and your state as Virginia
3. Enter your gross pay (that’s your income before taxes). It should be annually.
4. Put 0 for the “gross salary YTD”
5. Put “monthly” for your pay frequency
6. Your filing status is “married”
7. Your number of federal allowances is 4
8. Put 0 and no for the next two lines and do not check any of the following boxes.
9. For the Virginia and Local section, you should have a regular filing status
10. Put 4 for the personal exemptions.
11. Put 0’s for the rest of the prompts and no for the question about rounding.
12. Put 0 voluntary deductions.
13. Click on Calculate.
Print a copy of your “paycheck” to bring to class. Also, find your net pay and put its value here:
The difference between your gross pay and your net pay is what you pay in taxes. How much do you pay in taxes each month?
(This is for you to figure out on your own.) How much is your yearly income after taxes?
Where do you want your children go to school?
In what kind of housing do you want to live?
What kind of car do you want to drive?
Does your spouse work? Do they drive to work?
What kind of activities does your family enjoy doing together?
What kinds of food do you like to eat?
Do you go out to eat a lot?
What kind of toys, appliances, electronics, computers, etc. do you and your family want to have?