+ Monday 5/11/16 Today we are starting Personal Finance! Set up the next page in your ISN and add it to your TOC. Fill in each heading skipping at least.

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Presentation transcript:

+ Monday 5/11/16 Today we are starting Personal Finance! Set up the next page in your ISN and add it to your TOC. Fill in each heading skipping at least 1 line in between each (extra lines for description and responsibilities). Wait for instructions about choosing your job. Personal Finance: Job/Salary80 Job: Description: Major responsibilities: Qualifications/Education: Annual salary: Tax bracket: (your % rate) Taxes Owed: (what you pay) Net salary: (Annual minus taxes) Monthly budget: (Net salary divided by 12)

+ Job Assignments You are going to pick a letter: A, B, C, D or E. When you get your letter you will look at the available jobs for your group (I will provide you with that paper after all letters have been distributed). DO NOT WRITE ON THE JOB LISTS. Your first step is to research the jobs available to you and decide which one you would like to choose. Once you have picked your job, fill in the following on page 80: Job, Description, Major Responsibilities, Qualifications/Education, and Annual Salary. USE THE LINK ON THE HW SITE TO FIND RESOURCES FOR JOB INFO.

+ Moving on to the Taxes Now that you have the necessary information about your job and salary, you need to figure out what you pay in taxes. Start by using the chart on the board to determine your Bracket (what % of your salary you pay in taxes) and go from there. Now fill in the following categories on page 80: Tax bracket, Taxes owed, Net salary and Monthly Budget. SALARY RANGE TAX BRACKET Up to $ % $9,226-37,45015% $37, ,750 25% $90, ,300 28% $189, ,500 33%

+ Do Now 5/12/16 Take a budget worksheet from my desk. Make sure you have the top portion filled in. You are going to use your monthly budget to figure out the budget column on the table. For example, if your monthly budget is $5,000 you will figure out what 18-25% of that monthly amount is and fill it in the budget column next to “Rent”. You only need to fill in an amount in the slots where a percentage range is listed on the far left side: Rent, Transportation, Groceries, Clothing, Utilities, Retirement, Emergency Fund, Entertainment. YOUR AMOUNTS SHOULD BE RANGES, NOT JUST ONE NUMBER