Budget terminology and extra budget info

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Presentation transcript:

Budget terminology and extra budget info Gross annual salary-Total money earned the entire year BEFORE income taxes. Net monthly income-Money a person takes home each month AFTER income taxes (divide annual salary by 12 months). Occupation-Your job and career. If you receive a monthly income because you are disabled or retired you only have to deduct 27% or .27. Cost per person for the following items: If your net pay is less than $3,000 per month you have to borrow money to buy the car and have a car loan. If your car is newer than 2010 your car loan payment is $275 per month. Food is $250 per month per person Cable is $100 per month per household Utilities are $80 per month per person Gasoline is $150 per month You do not need home AND cell phone Cell phone is $50 per month Home phone is $60 per month Personal is $40 per month Personal hygiene items (toilet paper, tooth paste, napkins, paper towels, detergent, female products, deodorant, etc.)$20 per month per person DO NOT FORGET YOU MUST SAVE $100 PER MONTH

To determine net income First, to determine your GROSS MONTHLY INCOME you must divide your gross annual salary (income) by 12 (months per year). Second, to determine your INCOME TAX you must multiply the your gross monthly salary by 27% [.27]. Third and last, to determine your NET MONTHLY INCOME you subtract your income tax amount from your gross monthly income.

Essential Question of the Day How and why is it important to make wise financial decisions? [Be specific and use very specific] What are the lessons you learned from this personal finance activity? [Be specific]