Name: _______________________________
Budget Project Part 1
CAREER
Career Choice
Level of Education Needed
Annual Salary
Gross Monthly Salary
(annual salary divided by 12)
DEDUCTIONS (TAXES) (multiply the gross monthly by %)
Amount of Illinois Income Tax- 4.95%
(0.0495)
Amount taken out for Federal Income Tax22% (0.22)
Amount taken out for Medicare-1.45%
(0.0145)
Amount taken out for Social Security- 6.2%
(0.062)
TOTAL TAXES (add all taxes)
NET MONTHLY PAY
Net Monthly Pay
(Gross Monthly Pay - Total Taxes)
BUDGET QUESTIONS
What do illinois state
Date: ________________
taxes pay for?
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What do federal
income taxes pay for?
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What is medicare?
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What is social
security?
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