SOKHA SENG – BUSINESS CALCULATIONS CAPSTONE PROJECT
UEI COLLEGE GARDENA BUSINESS OFFICE ADM. BUSINESS CALCULATIONS MOD 120 FRANK EZENEKWE MBA
Hello I’m writing this capstone project in Business Calculations is to designed to test the level of comprehension with respect to the key mathematical calculations required in business. The presentations: 1. Percentage Increase in Value 2. Payroll Deductions 3. How to Calculate Property Tax 4. How to file Tax Returns – Case Study 1040 5. How to Calculate Tax Due & Refund 6. How Health & Life Insurance Works 7. Automobile Insurance accident Breakdown
PERCENTAGE INCREASE IN VALUE:
FIRST: Work out the difference (increase) between the two numbers you are comparing. THEN: divide the increase by the original number and multiply the answer by 100. If the answer is NEGATIVE number then this a percentage decrease Example: percentage increase in formula Percentage Change | Increase and Decrease •First: work out the difference (increase) between the two numbers you are comparing. •Increase = New Number - Original Number. •Then: divide the increase by the original number and multiply the answer by 100. •% increase = Increase ÷ Original Number × 100.
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PAYROLL DEDUCTIONS : are anything that is taken from an employee's pay, whether is be pre or post-tax, other than payroll taxes themselves. The application has many pre-built, customizable deductions that you can add to your account. 1. Common deductions are 401(k) contributions 2. medical insurance premiums 3. IRA contributions, advances 4. uniform expenses Depending on the type of deduction you choose to add, you will be given the ability to customize that deduction exactly how you need to like Example:
HOW TO CALCULATE PROPERTY TAX: The assessment rate is a uniform percentage and varies by tax jurisdiction, and could be any percentage below 100%. After getting the assessed value, it is multiplied by the mill levy to determine your taxes Example: suppose the assessor determines your property value is $500,000 and the assessment rate is 8%. The assessed value would be $40,000. Taking the mill levy of 4.5% we calculated previously, the tax due would be $1,800 ($40,000 x 4.5%)
Property taxes may be imposed by townships: 1. City 2. Counties 3. States or school districts on the owner of the any type of real property to raise funds for such services as police and fire protection 4. Roads 5. Parks 6. School or street repair
HOW TO FILE TAX RETURNS – CASE STUDY 1040 To filing your income Tax Return is with the IRS. You may file Form 1040. Example using paper mail or IRS e-file. One of the three common forms you can use to file your federal income tax return is IRS Form 1040A. The IRS Form 1040A is one of three forms you can use to file your federal income tax return. Form 1040A is a shorter version of the more detailed Form1040, but is more complex than the simple 1040EZ form.
HOW TO CALCULATE TAX DUE & TAX REFUND DO BY STEP EXAMPLE: 1. DETERMINE GROSS TAXABLE INCOME 2. CALCULATE ADJUSTED GROSS INCOME 3. SUBTRACT DEDUTIONS 4. SUBTRACT EXEMPTIONS 5. CALCULATE TAX LIBILITY AND SUBTRACT CREDITS 6. DETERMINE TAXES OWED OR REFUND DUE GROSS INCOME INCLUDE: Wage, Interest, Dividends, State Tax Refunds, alimony Received, Business Income, Capital Gain/Loss, IRA Income, Pension and Annuity, Rental Income/Loss, K-1Income/Loss, Unemployment Compensation
HOW HEALTH & LIFE INSURANCE WORKS: The health and Life Insurance are different way for Example: HEALTH INSURANCE helps protect your from the high costs of healthcare. It helps you pay for doctor visits, hospital stays, prescriptions drugs and important preventive care. LIFE Insurance company make money by investing the premiums, hoping to make more than they’ll have to pay in claims…You’ll designate beneficiaries who will receive the LIFE INSURANCE payout, call a death benefit.
AUTOMOBILE INSURANCE ACCIDENT BREAKDOWN: Automobile liability insurance pays for injury or damage done to others as result of an accident that is the fault of the insured. Example: 25/50/10 mean the insurance company will pay a maximum of $25,000 for bodily injury to all persons involved in the accident, and a maximum of $10,000 for property damage- Property damage includes damage to other drivers' vehicles, road signs, guardrails, poles, tress , trees, fences, or any other property belonging to other that is damaged in the accident.
LIABILITY AND MEDICAL INSURANCE (PER YEAR) TERRITORY 15/30 25/30 50/100 100/200 150/300 $5,00 $10,000 &15,00 $20,000 $25,000 1 $210 $223 $251 $309 $345
SUMMARIZED I AM PRESENTING TO YOU THIS BUSINESS CALCULATION OF THE 7 CONCEPTS IS TO UNDERSTAND OF OUR EVERYDAY USE IN LIFE: THE PERCENTAGE INCREASE IN VALUE IS TO FIND THE VALUE BY USING THE PERCENTAGE FOR INCREASE OR DECREASE. PAYROLL DEDUCTIONS IS A PAYSTUB FROM WORK AND DEDUCTED AFTER ALL THE COMMENT STUFF THAT THE COMPANY DEDUCTED. HOW TO CALCULATE PROPERTY TAX AND FILE TAX RETURNS- LIKE 1040 AND OTHER 1040E. TO BE ABLE TO USE AND FIND THE BEST HEALTH CARE AND UNDERSTAND LIFE INSURANCE, HOW THEY WORK. FOR AUTOMOBILE INSURANCE TO UNDERSTAND WHAT THE COVER IS AND THE DEDUCTION OF THE AUTOMOBILE BREAKDOWN BY 25/50/10.
THANK YOU FOR YOUR TIME!