Definitions Gross Annual Income: (GAI)

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Presentation transcript:

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!

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.

Today’s Agenda: Finish Session #1 (NMI) Class Reflection Google Search: JA Finance Park Virtual User Name: Student ID # Password: Initials+Birthday Example: Caitlin Schoville = Cs082689 Today’s Agenda: Finish Session #1 (NMI) Class Reflection Finish Vocab (NMI, GAI, GMI, etc.) Finish Session #2 (Budget Guidelines) Show Ms. Haarhues before you leave

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?