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.)

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.

Budgets & Tax Overview Part 1

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So in your own words, what does a budget mean to you ?

How much left do you have to budget (or save) to get this phone ?

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

How many weeks do you need to work to earn what it takes to get this iPhone?

How many weeks is that ?

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 !

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 ?

What does FICA stand for ?

What does MCARE stand for ?

Why do we pay FICA and MCARE taxes ?

Is this enough work or do you need more work ?

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.

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.