Define...
Define Human Capital:
The health, education, training, skills, and values of people. Something you build to make yourself more marketable to employers.
What is an expense?
It is anything you spend your income on
Where SHOULD you fill out the FAFSA form? 50 Bonus points if you can give the exact place.
Online! fafsa.gov
What is a deduction?
Anything taken out of your Gross Income.
What is Miss Livingston's degree in?
English Education
Define Loans:
A type of Post-Secondary payment that you have to pay back with interest.
Should budgets change?
Yes
Do grants have to be repaid?
No
What are the two tax forms you fill out, NOT your employer?
W-4 and W-9
What tax form does NOT allow your employer to take out taxes?
W-9
Define Income:
Payment/Money received for work performed; may include salary, wages, tips, professional fees, commissions, etc..
What is the difference between a fixed and a variable expense?
Variable- changes from week to week and month to month
Fixed- Never changes
Who all has to fill out your FAFSA?
You and Your Guardians
What are the 3 types of taxes we discussed that can come out of your gross income?
FICA, Federal, and State
What other classes does Miss. Livingston teach?
STEM and Yearbook
Define FAFSA:
Free Application for Federal Student Aid This is a government form that must be submitted to be eligible for most forms of post-secondary payment.
What is the difference between a variable and fixed income? Give an example of each.
Variable - changes from week-week or month-month
Fixed - doesn't change from week-week or month-month
What are the three different ways to pay for Post-secondary education? Which one has to be repaid?
Grants, Loans, and Scholarships.
Loans have to be repaid
What tax form does your employer fill out and why do you need it?
W-2 You need this form to be able to file taxes correctly
How can students get work-study?
By clicking the work-study box on the FAFSA!
Define FICA:
Federal Insurance Contributions Act; includes Social Security and Medicare payments deducted from wages.
If you make $12,000 per year and pay 10% in taxes, what will your monthly net income be?
$900
Name a 4-year university, a 2-year college, and a vocational/trade school.
Miss. Livingston will decide if you are correct
What are the two programs that FICA supports?
Social Security and Medicare
You and your employer. 15.3%