Day

Assignment

Monday:  Understanding the Basics of Taxes

·  Based on the discussion in class, write a definition for adjusted gross income & taxable income.

·  Figure out the AG income for a family making $30,000 per year

·  Visit the following website and write a one-page paper about one of the famous problems and how we still use it today:

·  Famous Problems

Wednesday:  “Special” Circumstances of   Taxes

·  Please answer the following questions:

·  What does nominal (marginal) rate mean?

·  Calculate what taxpayers in the top bracket will pay in taxes if they make $177,000 and pay 25.83% on their income

·  Are the standard 28% and 33% tax brackets accurate? (Think back on class activity and justify your answers)

Friday:  Tax-Code Revisions

·  Use your knowledge of the new law passed in 1990 that eliminated the bubble bracket and changed the highest bracket to 31 percent for the following questions:

·  How does this change in marginal rates affect taxes?

·  Who will pay more in taxes than before?

·  Who will pay less? (be able to justify your answers mathematically)

·  Visit the site below.  On Monday we will be addressing real world mathematics and how it applies to you.  After visiting the site about “Math in the Movies,” write a short summary stating something that you learned about mathematics and technology.

·  Mathematics in the Movies