The goal of this unit is to understand the importance of earning an income and explain how to manage personal income using a budget.

Slides:



Advertisements
Similar presentations
Teens lesson two making money presentation slides 04/09.
Advertisements

Payroll Accounting Chapter 12.
Unit 2 Chapters 6, 8 & 9.  Chapter 7 is taxes  Cover close to tax time  6, 8 & 9 will have more terms  Will be responsible for these terms.
Income and Expenses. Income Income from work A. Wage – money paid by the hour or unit of production. B. Salary – money paid on a weekly, monthly, or yearly.
With pay and benefits comes Taxes
Lawns R Oklahoma State Department of Education.
Decision Making in Finance: Future Value of an Investment
Teens lesson two making money. the career planning process Whether you are seeking your first job, or considering changing to a different field, you must.
JEOPARDY TermsSalary, Overtime & Commission Take-Home Pay Benefits & Expenses RandomsDeductions $100 $200 $300 $400 $500 Let’s play! ***
Teens lesson two making money presentation slides 04/09.
Lesson 2-3 Taxes and Other Deductions - List the required and optional deductions from gross pay. - Explain the contents of commonly used federal tax forms.
Teens making money 03/08.
Unit 03: Financial Literacy Vocabulary. Available Balance The amount available in an account for a person, business, or organization to spend. How much.
Working and Earning Earning Statements Key Ideas Employment provides a means of creating personal income Employee earning statements include information.
Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income tax – A tax that is.
Influences on Income Standard 2 Objective 1. Brainstorm Use a “spider map” to see how many sources of income you can think of. Sources of Income.
Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.
Career The most important financial decision you will ever make.
 A personal earnings statement like that seen in a paycheck will provide basic information about how many hours someone worked and at what rate, and.
Personal Finance. Financial Planning EarningSavings Spending Investing Tax Planning Retirement Planning Estate Planning.
The truth about your paycheck Gross vs Net Pay. Taxes Federal 10 or 15% (details) Federal 10 or 15% (details)details Social Security 6.2% (up to $6,622)
Part 1: Earning Statements. Working and Earning Earning Statements Key Ideas Employee earning statements include information about………………. gross wages,
 Anything Subtracted from your gross income.  Legal allowances that reduce the amount of income taxes subtracted from your gross income.
Unit 2 Lesson 2 Remediation 1. The Earnings Section The Deduction Section The Personal Information Section  Parts of a paycheck stub.
© South-Western Educational Publishing Chapter 6 Pay, Benefits, and Working Conditions Understanding Pay, Benefits, and Incentives Work Arrangements and.
© South-Western Educational Publishing Chapter 6 Pay, Benefits, and Working Conditions  Understanding Pay, Benefits, and Incentives  Work Arrangements.
Pay Checks.  On every pay check there are always a lot of different numbers that are grouped with letters or acronyms.  There is a difference between.
Understanding Paychecks Where Does Your Money Go?.
Part 1 Intro: Working and Earning Goal: Describe the factors that influence an individual’s income. Brainstorm…… individual skills and abilities, work.
Teens lesson two making money presentation slides 03/08.
UNDERSTANDING YOUR PAYCHECK
The truth about your paycheck Gross vs Net Pay. Taxes Federal 10 or 15% (details) Federal 10 or 15% (details)details Social Security 6.2% (up to $6,622)
September 12, 2011 Objective: Students will examine optional payroll deductions.
Standard 2 Objective 2 Income and Taxes. Standard 9.1 Strand A – Income and Careers Students will understand sources of income and the relationship between.
Employment Standards Act:  All employees must be paid minimum wage  Exception: Training Wage ($6.00 for the first 500 hours work)  Employers must make.
EMPLOYEE BENEFIT PACKAGE. HOW DO YOU DECIDE When you are presented with more than one job offer, how do you make your final decision? Consider this information.
 Gross Pay - income earned before any deductions  Salary - monthly or annual  Hourly - regular and overtime  Piecework - earn a set amount per item.
Personal Finances. You got the job… now what? Employer will get you to fill out two TD1 forms. One is a federal form and the other is a provincial form.
Decisions work: career, job, wage or salary, skills, and entrepreneurship. Gross pay is before taxes and deductions and net pay is after. Education: college,
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.
Earning an Income Review. A purposeful course of action or purpose in life that generally provides income.
What Is Income? Grade 10 Business. Questions we will cover… What are some different sources of income? What are the different forms of employment income?
Teens lesson two making money presentation slides 03/08.
Taxes and Your Paycheck Career and Financial Management 2.
Paycheck Vocabulary. April 12, 2016  Entry task: Write down as many money saving strategies that you can think of (list at least five)  Target: Identify.
EARNED INCOME #1 WHERE DO PEOPLE RECEIVE MONEY?  Working  Investments  Government transfer payments.
FORMS OF INCOME Wage Minimum Wage Piecework Income Salary Commission Tips Bonus.
2.1 F EDERAL I NCOME T AX FIT: (Federal Income Tax) is money withheld by employers. Required by law Amount is dependent on how much is made Taxes are used.
Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income – wages earned from.
Figuring Your Paycheck Life Choices _____. Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know.
Standard 1 VOCABULARY.  Career – a purposeful course of action or purpose in life that generally provides income  Earned Income –money received for.
Personal Finance Employee Pay & Benefits Chapter Six Notes.
The truth about your paycheck Gross vs Net Pay. Taxes Withheld Federal Federal – Income tax 10 or 15% (details) details – Social Security 6.2% (up to.
Chapter 3. Finances- assets in the form of money Money- anything you exchange for g&s.
Teens lesson two: making money 03/08. the career planning process Whether you are seeking your first job, or considering changing to a different field,
EMPLOYEE BENEFIT PACKAGE. HOW DO YOU DECIDE When you are presented with more than one job offer, how do you make your final decision? Consider this information.
Lesson 1: Reading a Pay Stub. Objectives: Identify sections of a pay stub Determine how to calculate net pay Recognize various paycheck deductions.
 1/3 (33%) of full-time employee compensation  Common benefits ◦ Health insurance ◦ Dental insurance ◦ Life insurance ◦ Sick leave ◦ Retirement ◦ Vacation.
making money presentation slides
making money presentation slides
Decision Making in Finance Paycheck Example
Understanding Pay, Benefits, and Incentives
Pay, Benefits, and Incentives
BUDGET AND FINANCE VOCABULARY
Employee Benefit Package
Paycheck Vocabulary.
Income.
Decision Making in Finance Paycheck Example
Paycheck Vocabulary.
Presentation transcript:

The goal of this unit is to understand the importance of earning an income and explain how to manage personal income using a budget

 For the 2 weeks, write everything you spend down?  Can you see a pattern in your spending habits?  What did you need?  What did you want?  Categorize how your money is currently spent.  What are your financial goals?

 Deductions: Anything subtracted from your gross income.  Gross income: Wages or salary before deductions for taxes and other purposes.  Your net income is commonly called your “take home pay;” it is your income after all deductions and exemptions.  For example, if your supervisor said you would earn $10 an hour and you worked 20 hours, your gross income would be $200 (that’s $10 x 20 = $200).

 Health, dental, and eye care insurance  Life insurance  Disability insurance  Pension plan  Registered retirement savings plan  CPP/QPP  OAS  Income TAX

 ■ Paid vacation days  ■ Paid sick days  ■ Health, dental, and eye care insurance  ■ Life insurance  ■ Disability insurance  ■ Pension plan  ■ Registered retirement savings plan  ■ Parental leave  ■ Stock purchase plan  ■ Employee assistance plans  ■ Employee fitness programs  ■ Employee discounts

 Scenarios

 Answer questions pertaining to pay stubs.

 Navine Nesrallah has worked for nine years in retail sales. She is considering going back to school to change career fields. What factors should be considered before making this decision?