Financial Report Today we will:figure out our Net monthly income

Slides:

Advertisements

Similar presentations

Tax Vocabulary. Gross Pay The amount of money you earn each pay period.

Advertisements

WHAT HAPPENED TO MY PAYCHECK?. GROSS PAY (earnings): Taxable income before any adjustments TOTAL COMPENSATION: DIRECT + INDIRECT COMPENSATION DIRECT COMPENSATION:

 Log into Moodle and complete today’s Bell Ringer REMINDER: Today is the last day to turn in anything from this Marking Period › Be checking your grades!

Tax Forms & Deductions. Net Income vs. Gross Income Gross income is the total amount a worker is paid before any required or voluntary deductions are.

Budgeting Adult Living. What is a budget? A budget is a plan for spending and saving your money A budget includes: – Income- the amount of $ you earn.

Deficit vs. Debt Deficit: how much more Government spends than it receives in tax revenue over 1- year Debt: total amount Government owes (has borrowed.

Budget Deficit and National Debt A budget deficit exists when the federal government spends more than they are receiving in revenues within the year. When.

Lesson 13: Net Pay Consumer Math: p When employees receive their paychecks, they should know that the check does not include their full earnings,

 Gross Pay - income earned before any deductions  Salary - monthly or annual  Hourly - regular and overtime  Piecework - earn a set amount per item.

Gross Income the total amount of money one earns Ex. $6.15 an hour Multiplied by 40 hrs. per week_______________ Multiplied by 52 weeks per year________________.

All About Tax. Net Income vs. Gross Income Gross income is the total amount a worker is paid before any required or voluntary deductions are made. Net.

Taxes: Understanding Your Paycheck Economics 2015.

Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week______________ Multiplied by 52 weeks per.

Tax Forms & Deductions. Net Income vs. Gross Income Gross income is the total amount a worker is paid before any required or voluntary deductions are.

Federal Taxing & Spending. A) Withholding 1) Government obtains your individual income tax money through withholding 2) The gov’t keeps a certain percentage.

All About Tax. Net Income vs. Gross Income Gross income is the total amount a worker is paid before any required or voluntary deductions are made. Net.

 Income tax: › Tax paid on the amount of money you make › Only pay on taxable amount › Tax is withheld from your paycheck › Paid to state and federal.

What Happened To My Paycheck? TAXES. Taxes Social Security – Benefits of retired workers or disabled and dependents Medicare Tax – provide medical benefits.

FEDERAL TAX WITHHOLDINGS. HOW MUCH OF YOUR INCOME GOES TO FEDERAL TAXES? Because the United States has a progressive federal tax system, you’re going.

Who is FICA?? The tax man cometh!!

2. Display slide 2 with Procedure step 2 in the lesson.

Getting Paid Advanced Level.

Tax Forms & Deductions.

Paychecks and Tax Forms Take Charge of your Finances

Pay, Benefits, and Incentives

Social Security Tax Withholdings: Adjusted Gross Pay. x 6

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Social Security Tax Withholdings: Adjusted Gross Pay. x 6

Getting Paid Advanced Level.

Discuss these questions with your table partner:

Calculations Employees Working Abroad and Aliens in the U.S.; Federal Wage Hours Laws; Taxable and Nontaxable Compensation; Health, Accident, and Retirement.

Payroll taxes and Paychecks Take Charge of your Finances

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Evaluate the costs and benefits of budgeting

Today we will: look at all of our budget guidelines

Getting Paid Advanced Level.

Tax Forms & Deductions Students will locate, evaluate, and apply personal financial information Standard AE1.

On the back your packet: What do I budget for at age:

All of this information can also be found in your JA workbooks.

Getting Paid Advanced Level.

Computing Deductions on Your Paycheck

Programs that give benefits to citizens in need

Retirement Vocabulary

Tax Forms & Deductions.

Tax Forms & Deductions.

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Junior achievement 2019 vocab

Getting Paid Advanced Level.

Financial Report Today we will:figure out our Net monthly income

Getting Paid Advanced Level.

Definitions Gross Annual Income: (GAI)

Who is FICA?? The tax man cometh!!

Getting Paid Advanced Level.

Discuss With Elbow Partner Get out “Your Budget” Worksheet

Getting Paid Advanced Level.

Tax Forms & Deductions.

Getting Paid Personal Finance.

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Tax Forms & Deductions.

10-2: Entitlement Programs

Chapter 14-3: Taxes and Government Spending

1st Topic: FICA and Medicare Payroll Deductions

Calculations Employees Working Abroad and Aliens in the U.S.; Federal Wage Hours Laws; Taxable and Nontaxable Compensation; Health, Accident, and Retirement.

Presentation transcript:

Financial Report Today we will:figure out our Net monthly income So we can: develop our budget

Class Reflection What will be your Expense Priorities? What will be your Monthly Goals? What surprised you from your total? What do you want to know more about?

Definitions Gross Annual Income: (GAI) How much you make each year BEFORE taxes Gross Monthly Income: (GMI) How much you make each month BEFORE taxes Net Monthly Income: (NMI) How much you make each MONTH after taxes Get it? Net. haha!

What taxes are taken out of your paycheck?

Definitions Federal Income Tax Social Security Medicare A portion of one’s personal income paid to the government **The more you make, the more you pay** Income tax pays for: Social Security, Medicare, Retirement programs, Military, veterans, Interest payments on national debt, Social programs- medicaid, food stamps, unemployment, Law enforcement- prisons, FBI, CIA Social Security - A federal insurance program that provides benefits to retired persons, the disabled, and spouses of deceased workers. - Provides economic security for Americans unable to work. - Comes from workers and employers Medicare The federal health insurance program for people who are 65 or older or certain younger people with disabilities.

To Do: Create Avatar Session 1: Homework: Session #1 Answer questions in packet Complete Budget Guidelines Complete Extras Homework: Session #1