Income Tax of Singles

By Scott Simigian

Tax for Singles

Taxes on singles was chosen and the function and graph below demonstrate how to file taxes for singles male or female. The rates vary by year and this data is based off rates from 2014.
Function of filing taxes for singles in 2014
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Graph of filing taxes as a single

Careers and Incomes

A few careers were chosen to determine their average annual income after five years in each field. The tax for careers will be determined using the above function for singles filling.

The careers careers chosen were a pediatrician, a civil engineer, and an assistant manager at McDonald's. The reason that these careers were chosen is highlighted later in the reflection piece.

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Reflection Piece

Throughout this project I learned a lot about how to file taxes in the real world. I always hear adults complain about it but right now it seems like I have a basic understanding of how taxes work. The rates for singles filling taxes was very different than I had suspected. I knew that the government would charge you a percentage off of what your income is, but I didn't know about any of the initial charges or how large the range of an income was for a certain rate. For instance, it caught me by surprise that one rate's income ranged widely from roughly 89,000 to about 186,000, while another ranged from only 405,100 to 406,750. I still wonder why that variety is needed rather than something uniform, but I understand that if I make a certain amount of money that I could calculate how much I owe.
The tax brackets themselves had seven rates in 2014. The fewest rate included no initial charge tax which was interesting. Also, the percentage taken of an income started at 15% in the first rate! and over the course of the 7 rates the percentage taxed raised to almost 40%. That's a significant increase which seems unfair to the people that make more money, but they still make a lot of money anyways so maybe those people don't care too much.
I chose my careers mostly on something I'd be interested in, such as a pediatrician or an engineer. Since those two have different tax rates, I decided to choose a third career with a third tax rate. That is why I chose an assistant manager at mcdonalds, because why not work where food is involved?!

There are pros and cons to each career. Pediatricians make a lot of money compared to most careers, but they require a lot of extra education to become a doctor and go to medical school. That also costs a lot of money and could start me out in debt when I leave school. An engineer would be fun since I am a creative person and like to solve problems, but I think it would require some difficult math that may be too hard for me. The assistant manager position at mcdonalds would be stressful job. It would require awkward hours possibly but would be fun to work with people under my authority and also to take pride in a restaurant.

I worked hard on this project. Most of it was done in the last couple of days but it was done thoroughly and in depth. I like this sort of project because it wasn't too demanding but still challenged me and helped me learn about something that will help in the future. In 40 weeks I will probably have retained the basic information found in this project. In 40 months I'll be in college or maybe out. I could have a job which would make me pay taxes then, and then I would have to use this information as being a single, to pay my own taxes. In 40 years this formation will be useful for me to spread my knowledge to my children so they can understand taxes in their future. Overall I enjoyed this project and especially liked the step by step format!