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

3. Total amount of income from your wages or salary before payroll deductions Number of hours worked plus hourly rate

4. Amount subtracted from your gross income Becomes your net income Not just taxes

5. Biggest deduction Fees placed on income, property, to support government programs

6. 1.Federal Income Tax 2.State Income Tax 3.Social Security Tax (FICA) 4.Medicare Taxes (FICA)

7. Take home pay After Taxes

8. Federal Government Form How much to take out of paycheck for taxes “Total Number of Allowances” Lower number = higher taxes withheld

9. Earnings Summary Used When File for Income Tax April 15

11. Money you spend on needs & wants Money going out Fixed & Variable Expenses

12. Set dollar amounts that are the exact amount each time Mortgage

13. Price can change More control over this expense

14. How you handle money coming in and going out Cash Flow

15. Two main parts Income & Expenses Balance the two

16. “ pay yourself first” Savings Make it a regular part of your budget Reach long-term goals

17. Checking Account Either Bank or Credit Union Write check Use ATM card Debit Card

18. Minimum Balances Annual or Monthly Fees Overdraft Protection Insufficient Funds Charge ATM Fees