Piecewise & Taxes
Ryan Kinder & Tristan Maher
Part 1
Survey
Single
Equation
For more information on how to form the equation, click the link below-
http://jwilson.coe.uga.edu/EMT668/EMAT6680.Folders/Barron/unit/Lesson%204/4.html
Graph
X= taxable income
Part 2
Potential Careers
Tristan
Associate at Investment bank (RED): 120,000 (+40,000)
Associate at Hedge-fund (GREEN): 170,000 (+100,000) ([deferred pay] +50,000)
Ryan
Mechanical Engineer (BLUE): 85,000
Mining Engineer (PURPLE): 90,000
Part 3
Summary
The United States utilizes a graduated income tax system. This system requires you to pay a higher percentage of your income the more you make. A system like this allows lower earning Americans to pay less taxes and keep more of their income so they can sustain themselves. A graduated system is split up into brackets, and the bracket you fall into is based of your total taxable income for the year. If you fall into three brackets you would pay the max amount of taxes for the first two brackets and then add the percentage of the income you made over the minimum amount for the third bracket.
In the way of careers the four researched can be group in twos. Mechanical and Mining Engineering are grouped then there is an Associate at Investment Bank and an Associate at a Hedge-fund. Both engineering careers were chosen because they involve a lot of logical problem solving. They both have a healthy number of open jobs and have a slightly above average income of $85,000 to $90,000. The two Associate jobs were chosen because the high activity, responsibility and power in the finical field is very attractive. The process to high positions at investment banks and hedge funds follows as analyst, associate, VP, Director, and finally Managing Director. After 5 years in the field a successful individual will be either an associate, or the very fortunate and successful a VP.
This project was fairly simple but quite helpful. The idea of taxes were always hazy in the details, but the research necessary for this project cleared up all questions that came to mind. As time goes from 40 days to 40 months to 40 years the memory of the project will fade until there is no memory of it, but the information learned in it will stick forever because it's applicable to everyday life. The project might have been easy, but in the long run it's very valuable.