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THANKS FOR SHOWING UP ON HALLOWEEN !  (possibly)

As a reward, you will be paid $31 an hour for today's assignment.

 

(You qualify for this rate if other assignments are done and if this assignment is completed today on 10/31, with submitted timesheet.)

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Otherwise you will be paid the regular rate. Don't worry there will be another chance for increased pays, just be sure to check in on Saturdays.

 

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Budgets & Tax Overview Part 1

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Let's PRETEND this iPhone is $200 and you have $50.

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 !

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 $1,000 for the below exercise

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

(Hint: multiply $1,000 by the FICA tax rate above)

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

(Hint: multiply $1,000 by the MCARE tax rate above)

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

LET'S REVIEW

Now let's say you earn $20 a week from your job.

WHAT IS A BUDGET ?

A budget is a plan to save, track, and improve your money situation.

 

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

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LET'S TAKE A BREAK.

WE WILL COME BACK TO BUDGETS, INCOME & EXPENSES NEXT WEEK.

The below taxes are paid to help our Senior Citizens, of which we will all be one day.