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

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Presentation transcript:

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

Class Reflection a. Monthly Amount: _______________________ 1. Average High School Graduate Earns: _______________________ a. Monthly Amount: _______________________ b. Amount of Set Back: ___________________________ 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: Session 1: Homework: Session #1 Complete Budget Guidelines Complete Extras Homework: Session #1