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 !
Federal Insurance Contributions Act
Social Security Insurance
Medical Insurance for the elderly and disabled people.
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 ?