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| is a plan for managing money during a given period of time.You decide your goals for your money. |
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| Any money coming in.Ex: Allowance,Paycheck, Gifts. |
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| is the total amount of income from your wages or salary before payroll deductions.EX: Put the total hours you work time your pay. |
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| What is Payroll deduction? |
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| Are the amounts subtracted from your gross income, which results in your next income. |
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| Fees places on income, property, or goods to support government programs. |
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| What is state income tax? |
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| It is a fee collected by your employer and oaid to the state revenue department to support state programs |
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| What is social security tax |
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| is collected from most emplopyees to fund this federal program, which provides oldage, survivors, and disability insurance. |
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| collected from most employees to fund the hospital insurance provided under this system |
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| The amount you recieve when you cash your check, with the decuctions. |
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| What is the purpose of the W2 form? |
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| Shows taxes witheld from your paycheck for that yer. You need this summary to fuke your income taxes by April 15th of each year. |
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| The money your spend on your needs and wants, money going out. |
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| Have a set dollar amouhnts and are exact amount every time. |
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| What are variable expenses? |
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| Can change which means you usually have more control over them.Ex": (Gas, Food, Movies) |
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| How you handle money coming in and money going out. |
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Pay Yourself First it is very simple effective idea. You dont have a choice abouht paying taxes.
Is the secretto getting whatyou want and becoming a discplined saver.
Purpose: To save money!
Ex: Direct deposit 10% of money into bank when you get paid. |
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| Name some transaction services? |
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You can write a check
You can use ATM card
Isnufficient funds charge- If your write a check for more money than you have in youraccount and dont have a overdraft protection,p the credit union or bank will returnyour check. You will also get charged an insufficient funds fee.
ATM Fees- If you use an ATM that belongs tio your credit union or bank, there may be no cost at all. However if you use the ATM "Outside" your financial institution network, there may be additional fees ranging from 1$to 2$ or more.
The Envelope System- Label an envelope for each spending category of your budget, and record the pallned amouhnt on the appropriate envelope.Every time your add or remove money from an envelope write down the date. |
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| What are some ways you can keep tract of all of your record? |
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Checking Account Statements- Every month balance your checkbook to your account statement. If you use the ATm be sure to account all your withdrawals.
Saving and Investments- Check these statements when your recieve them.
Insurance- If you are paying for a car keep a copyof the "declarations pages, which contain important information about your car, such as coverage amounts and deductibles
Tax Documents- Keep copies of all W-2's you recieve , tax documents for any savings and investments accuonts and all completed tax returns like Form 1040, which youll file every year by April 15th.
Pay stubs
Loan Papers- Shows how your pauyments was applied to reduce your interest and how much on the principal.
Big Ticket item reciepts and warranties- Any time you make a substantial purchase, such as a computer or ner bike keep all warranites and recipts. |
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| This fedreal government form effectively tells your employer how much to withold from your paycheck for taxes. |
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| How can i calculate how much someone make hourly? |
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| Divide Total Numbers of Hours by gross pay. |
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| How can i calculate how much someone make hourly? |
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| Divide Total Numbers of Hours by gross pay. |
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| How can i calculate how much someone make hourly? |
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| Divide Total Numbers of Hours by gross pay. |
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| How can i calculate how much someone make hourly? |
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Definition
| Divide Total Numbers of Hours by gross pay. |
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