Budgets & Tax Overview Part 2

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Are you budgeting for something right now? If so, what is it ?

How much is it ?

How much so you have saved up ?

How much do you need to save (budget) for ?

How do you feel about math ?

The next assignment we'll be creating budgets. Do you want to be part of this excercise ?

A budget includes "INCOME" and "EXPENSES"

What is "Income"

Income is money received through work or investments.

What is "Expense"

Expense is money spent on something.

Would you rather have "Income" or "Expenses" ? Why ?

What does "IRS" stand for ?

What does "FTB" stand for ?

What is the amount before taxes called, Gross or Net ?

What is the amount after taxes called, Gross or Net ?

Let's Breakdown Some of These Taxes Again !

The more you practice, step by step and with some time, you will understand the what, when and why's of taxes. This is part of your financial freedom !

FICA =

Federal Insurance Contributions Act

Social Security Insurance

MCARE =

Medicare

Medical Insurance for the elderly and disabled people.

FICA TAX = 6.2 %

MCARE TAX = 1.45 %

Let's pretend your Gross Pay is $2,000 for the below exercise

What would your FICA Tax be on your Gross Pay above ?

(Hint: multiply $2,000 by the FICA tax rate above)

What would your MCARE Tax be on your Gross Pay above ?

(Hint: multiply $2,000 by the MCARE tax rate above)

What was the total amount of (FICA & MCARE) taxes ?

What does FICA stand for ?

What does MCARE stand for ?

Why do we pay FICA and MCARE taxes ?

If you need more work, send me a message below of what you would like to learn more about.

LET'S REVIEW

REVIEWING THE BENEFITS OF BUDGETING

So we know a budget is a plan to save, track, and improve your money situation.

It also helps you stay on course with your goals by controlling your spending and saving & investing a portion of your income.

REVIEWING THE BENEFITS OF TAXES

So we know the IRS collects taxes but what do they do with the money?

Well, they use the money to fix broken bridges, cracked roads, schools, parks and many more reasons.

Let's do a quick review below:

The below taxes are paid to help our Senior Citizens (older people),

of which we will all be one day.

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Budgets & Tax Overview Part 2

A budget includes "INCOME" and "EXPENSES"

What is "Income"

Income is money received through work or investments.

What is "Expense"

Expense is money spent on something.

Let's Breakdown Some of These Taxes Again !

The more you practice, step by step and with some time, you will understand the what, when and why's of taxes. This is part of your financial freedom !

FICA =

Federal Insurance Contributions Act

Social Security Insurance

MCARE =

Medicare

Medical Insurance for the elderly and disabled people.

What would your FICA Tax be on your Gross Pay above ?

(Hint: multiply $2,000 by the FICA tax rate above)

What would your MCARE Tax be on your Gross Pay above ?

(Hint: multiply $2,000 by the MCARE tax rate above)

What was the total amount of (FICA & MCARE) taxes ?

LET'S REVIEW

REVIEWING THE BENEFITS OF BUDGETING

So we know a budget is a plan to save, track, and improve your money situation.

It also helps you stay on course with your goals by controlling your spending and saving & investing a portion of your income.

REVIEWING THE BENEFITS OF TAXES

So we know the IRS collects taxes but what do they do with the money?

Well, they use the money to fix broken bridges, cracked roads, schools, parks and many more reasons.

Let's do a quick review below:

The below taxes are paid to help our Senior Citizens (older people),

of which we will all be one day.

Feel free to reference past assignments if needed for the below questions.

Budgets & Tax Overview Part 2

A budget includes "INCOME" and "EXPENSES"

What is "Income"

Income is money received through work or investments.

What is "Expense"

Expense is money spent on something.

Let's Breakdown Some of These Taxes Again !

The more you practice, step by step and with some time, you will understand the what, when and why's of taxes. This is part of your financial freedom !

FICA =

Federal Insurance Contributions Act

Social Security Insurance

MCARE =

Medicare

Medical Insurance for the elderly and disabled people.

What would your FICA Tax be on your Gross Pay above ?

(Hint: multiply $2,000 by the FICA tax rate above)

What would your MCARE Tax be on your Gross Pay above ?

(Hint: multiply $2,000 by the MCARE tax rate above)

What was the total amount of (FICA & MCARE) taxes ?

LET'S REVIEW

REVIEWING THE BENEFITS OF BUDGETING

So we know a budget is a plan to save, track, and improve your money situation.

It also helps you stay on course with your goals by controlling your spending and saving & investing a portion of your income.

REVIEWING THE BENEFITS OF TAXES

​

So we know the IRS collects taxes but what do they do with the money?

Well, they use the money to fix broken bridges, cracked roads, schools, parks and many more reasons.

​

Let's do a quick review below:

The below taxes are paid to help our Senior Citizens (older people),

of which we will all be one day.

Feel free to reference past assignments if needed for the below questions.