Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week______________ Multiplied by 52 weeks per.

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Presentation transcript:

Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week______________ Multiplied by 52 weeks per year______________ Divided by 12 months per year______________ Equals = Gross Monthly Income _______________

Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week____$290________ Multiplied by 52 weeks per year_____$15,080_____ Divided by 12 months per year____$1,256.67_____ Equals = Gross Monthly Income __$1,256.67_______

Budget Notes Pre- tax deduction – Any money that is taken out of your gross pay before you pay taxes. These deductions are benefits paid by your employer. Income tax – Money taken from your gross monthly income by the government. Ex. Gross Monthly Income = $ per month

Budget Notes Federal Income Tax (9%) $ *.09 = _________________ FICA – Social Security and Medicare (7.65) $ *.0765 = ________________ State Tax (7%) $ *.07 = ____________________

Budget Notes Federal Income Tax (9%) $ *.09 = _____$113.10______ FICA – Social Security and Medicare (7.65) $ *.0765 = ____$96.14______ State Tax (7%) $ *.07 = _____$87.97__________

Budget Notes Net income – the total amount of money you make after taxes. From the amount you will pay for rent, food, transportation, etc. What would your net monthly income be in this example?

Budget Notes Net Monthly Income $ $297.21=$959.46

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