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Spending Plan: budget. Cash Flow: the money you have coming in, as well as the money you have going out. Income: any money you recieve. Gross Income: total amount of income from your wages or before any payroll deductions. Net Income (take home pay): the amount of money you'll be able to deposit, and it's a good starting point for creating your spending plan.
Types Of EXPENSES Fixed Expenses: cost the same every time. Variable Expenses: fluctuate in amount. Periodic or Occational Expenses: you might not pay every month.
Whats A W-4 For? So your employer can withhold the correct income tax from your pay.
For most people taxes are the biggest deductions. Taxes are fees that support government programs and are required by law to be applied to income, property, or goods. Government programs may be run at local, state, or federal level. All of these taxes pay for a variety of services we use, for example, public schools.
Did You Know? Almost 60% of missionaries use a budget to manage their money.
DID YOU KNOW? -The average person spends money three times a day. -Putting aside every coin you touch usually results in saving about $50 a month. -A $5 sandwich usually costs $1 worth of ingredients.
Types Of TAXES Federal Income Tax: a fee collected by the federal government to support its programs. State Income Tax: helps pay for state services. Social Security Tax: provides a small income and other services to the elderly, disabled, Americans, and orphaned minors. Medicare Tax: provides medical insurance, also to elderly and some disbaled Americans.
Keeping Track -Checking Account Statements: Balance your checkbook monthly when your statement arrives. This way can catch things you may have forgotten to record. Pay Stubs: Check your pay stub when you recieve it. It's good to keep it until you file your taxes.
Unit Two
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