Financial Literacy Taxes and Insurance. Banking Follow Up Checking Accounts: Emily, Jocelyn, Jarek Savings Accounts: Robert, Anastasia, Greg Money Markets.

Slides:

Advertisements

Similar presentations

Personal Finance: Insurance Insurance is to provide financial protection against different kinds of risks we face in life. Insurance Policy: Your policy.

Advertisements

Chapter Nineteen The American Economy Personal Finances ~~~~~ Insurance Against Hardship.

SESSION 2: EARNING INCOME AND PAYING TAXES TALKING POINTS on MONEY MANAGEMENT EARNING INCOME AND PAYING TAXES 1.People earn income by providing resources.

Activity Risky Business. Automobile Insurance Today’s Learning Objective How does auto insurance work? Automobile Liability No-Fault Collision Other-than-Collision.

Compounding Interest You are interested in opening a savings account that pays interest at a rate of 6% compounded annually. You deposit $523 as your starting.

Chapter 6: Paying Taxes.

Chapter 8 Income and Taxes.

Taxes & Spending Payroll Deductions 4.01 – Explain taxes on income.

Where did all that money go?.  Objectives: ◦ Understand payroll taxes and withholdings. ◦ Be able to analyze a paycheck stub and W-4.

Measuring Your Financial Health and Making a Plan

Lesson 12 Paying Your Taxes

Business Math 2.3 Federal Income Taxes.

Financial Literacy Class 2: Net Worth and Banking.

Building Bucks Taxes and Tax Credits. Take advantage of tax deductions and incentives – Earned Income Tax Credit (EITC) – Child Tax Credit (CTC) Refund.

G5 © Family Economics & Financial Education - Revised May Life in...United States Simulation - Bancroft-Notebook Cover and Profile Page 1.

 5.1 Taxes and Your Paycheck.  Payroll Tax  Income Tax  Federal Insurance Contribution Act (FICA)  Withholding  Gross Income  Net Income  Form.

Why is NJ insurance premiums the highest in the nation? Population, high car density, labor costs, lawsuits, car theft.

INSURANCE How it works… Why YOU need it…. ALL ABOUT RISK The chance of financial loss from some type of danger RISK MANAGEMENT AVOID THE RISK – Don’t.

Insurance Your Protection. Risk The chance that something unexpected will occur. Risk Management  Various ways to deal with potential personal or financial.

Copyright ©2004 Pearson Education, Inc. All rights reserved. Chapter 4 Using Tax Concepts for Planning.

Where Did My Paycheck Go?

Chapter 2, Sec. 2-2 Federal Income Taxes.

Financial Literacy Skills Unit 4: Understanding Taxes and Insurance.

Chapter 23 Understanding Income and Taxes

Insurance Basics. Why Do You Need Insurance? Help you pay for things that could happen to you that you cannot afford Law says you need to pay to compensate.

UNIT VII – Personal Financial Literacy. Every decision we make involves some type of risk Driving can result in an accident A house can burn down after.

Insurance. 9-1 Life Insurance  Main purpose: to prevent financial hardship by providing income to people who are dependent when one dies  How important.

 5.1 Taxes and Your Paycheck.  Payroll Tax  Income Tax  Federal Insurance Contribution Act (FICA)  Withholding  Gross Income  Net Income  Form.

$1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 Welcome.

Buying a Car Jeopardy Final Jeopardy Car Buying Vocabulary Insurance Types of Coverage All.

NEFE High School Financial Planning Program Unit 6 – Your Money: Keeping it Safe and Secure Unit 6 - Insurance: Protecting What You Have.

Personal Finance Final Exam Review JEOPARDY 100 Definitions Budgeting Banking Credit Insurance Potpourri

Objective: Compare different types of insurance plans. Identify types of insurance plans,( home, car, health, life, ). How insurance works. Evaluate insurance.

Copyright © 2011 Pearson Education, Inc. Managing Your Money.

I2B1 – Final Units 1,8,9, 10,11,12 You are responsible for YOU.

Test Review Taxes, Insurance, Benefits,. Fixed Expense  Expenses that stay the same each month are.

Taxes. The Federal Government Dollar – Where it Comes From.

PAYDAY! “Nothing is certain but death and taxes.” -Benjamin Franklin.

Paying Taxes Chapter 6.

Taxes. 5.1 – Taxes and Your Paycheck Payroll taxes Based on earnings Paid to government by you and employer Income taxes You pay on income you receive.

Lesson 18 Insurance. Today’s Learning Objective What are the main types of insurance? Insurance Basics Auto Insurance Renter’s Insurance Homeowner’s Insurance.

Applied Business Practices Final Exam Review. Credit –Borrowing money with the promise to repay in the future Installment Loan –Loan in which you make.

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

HOW MUCH OF YOUR INCOME WILL YOU KEEP? TAXES. PAYROLL TAXES The federal government receives the largest part of its revenue from payroll taxes. Placed.

Your Financial Future Credit. Payroll deductions  Federal taxes – pays for roads, bridges, government, military, space program, disaster relief, schools.

Careers Take-Home Pay Housing and Vehicle Allowance.

Paychecks: Using Your Money Wisely Chapter 2. Calculating Earnings  Wage- is a dollar amount per hour that you get paid for doing work  Gross Pay- total.

How Insurance Works Life is full of risks Life is full of risks The purpose of Insurance is to provide financial protection against different kinds of.

Write This Down Tax Returns Who has to file tax return by 4/15/2014? FederalState Only if you made more than certain amount in 2013 Living w/ parents Single,

Taxes: Understanding Your Paycheck Economics 2015.

Budgeting and Financial Planning Why should people make a plan for how to get and spend money? What strategies can be used to do this most effectively?

A plan for managing money during a given period of time Financial Roadmap.

Insurance and Investments Lesson 5. Insurance Why is it important? –Risk: chance of loss from some type of danger Can be reduced (helmet, seatbelt, locked.

We Need Taxes For….. National Defense Police and fire protection Health services Public Education Water, gas and electric systems Environmental protection…

Taxes and Your Paycheck Career and Financial Management 2.

Taxes Gov’tForms Deductions.

Insurance 101 Personal Finance. Learning Goal To be able to define terms relating to insurance.

Insurance Automobile and Health. What is insurance?  Insurance – Manage your risk of financial loss from illness, injury or damage.  Premium – Regular,

Understanding your Paycheck. What information in on a pay stub? Gross wages- how much you earn before taxes and other deductions Net wages- amount left.

Banking System Types of Insurance Monetary Policy.

U.S. Federal Tax. What is the U.S. tax? Individual income tax Corporate income tax Social insurance taxes Excise taxes Estate and gift taxes Import taxes.

GETTING PAID WHERE DOES MY MONEY GO?. PAY CHECK DEDUCTIONS Deductions Video What is the difference between gross and net income? What are state taxes.

Chapter 6 Personal Risk Management. Slide 2 What Is Risk? 6-1 Risk Assessment and Strategies Risk is the chance of injury, damage, or economic loss. Probability.

Taxes & Spending Payroll Deductions 4.01 B – Explain taxes on income.

Taxes. Taxes and Your Paycheck Payroll taxes Payroll taxes Based on earnings Based on earnings Paid to government by you and employer Paid to government.

Income Taxes for Individuals Calculated as a percent of your taxable income Taxable Income = Gross Pay - Pre-Tax Deductions (examples: retirement plan.

Taxes, Insurance, Benefits,

Auto Insurance Eleanor M. Savko Health Insurance Key Terms 5/28/2018

LESSON 12-4 Preparing Payroll Checks

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

Presentation transcript:

Financial Literacy Taxes and Insurance

Banking Follow Up Checking Accounts: Emily, Jocelyn, Jarek Savings Accounts: Robert, Anastasia, Greg Money Markets & CD’s Sarah, Jonah, Alex

Taxes

What are the different types of taxes? Taxes on your Income Federal Taxes Federal Taxes State and Local Taxes State and Local Taxes FICA Taxes FICA Taxes Taxes on your Investment Gains Capital Gains Taxes Capital Gains Taxes

Video YouTube - Personal Income Taxes - A Visual Explanation YouTube - Personal Income Taxes - A Visual Explanation

Taxes on your Income If you earn money you owe certain taxes on that money. Money is withheld from your paycheck and automatically sent to the government for these taxes. You then file a tax return by April 15 of the next year to calculate your taxes and see if you’ve had enough withheld.

Taxes on your income This applies to Federal and State Taxes It does not apply to FICA Taxes FICA Taxes are taxes for: Social Security (6.2%) Social Security (6.2%) Medicare (1.45%) Medicare (1.45%)

The Federal Tax Return Form: 1040

In Plain English Income Taxable Income Deductions Federal Tax Antonio’s Salary: $43,000 Interest Earned on CD: $300 Total Income:$43,300 Standard Deduction:$5,650 Exemption Deduction:$3,650 Total Deductions:$9,300 Income – Deductions:$34,000 The first $8,375 is taxed at 10% $837 From $8,375 to $34,000 is taxed at 15% $3,844 Federal Tax: $4,681

In Plain English Federal Tax Federal Tax: $4,681 Federal Tax Withheld Federal Tax Withheld: $5,000 Refund or Amount Due Amount withheld – Federal Tax: Refund of $319

Examples Let’s review Antonio’s tax situation

Insurance

What is insurance? Definition: An agreement by which a company provides a guarantee of repayment for a specific loss in return for a customer’s payment of premium.

What is insurance? Basic Example: If you pay your monthly premium for your car insurance, when you get in an accident your insurance company will help fix your vehicle.

Different Types of Insurance Health Insurance: If you get sick and need to see a doctor, your health insurance will help you pay the cost. Car Insurance: If you get in a car accident, your car insurance will help fix your car. Home Insurance: If someone breaks into your house, your home insurance will help pay to replace the items that were stolen.

Different Types of Insurance Life Insurance: If you pass away, the insurance company will pay money to your family. Disability Insurance: If you become disabled and cannot work, the insurance company will pay money to you every month to help you pay bills.

Why is Insurance Important? If you drive a car… You are required to have insurance. If you own a home… You are required to have insurance. If you ever get sick… Not having health insurance is the # 1 cause of bankruptcy. If you are married, have kids, or in debt… Life Insurance can help replace the income that your family depends on, or help pay off debt that your loved ones would still have.

Car Insurance 6 Components of Car Insurance 1) Bodily Injury Liability 2) Property Damage Liability 3) Medical Payments 4) Collision 5) Comprehensive 6) Un/Underinsured Motorist

Homework