Vocabulary
What is the amount of money left after taxes and deductions?
net income
If someone is paid weekly, how many paychecks will they receive in a year?
52
A worker earns $500 weekly. What is the yearly income?
$500 x 52 = $26,000
Convert 25% to a decimal
.25
Which income should be used when making a budget?
Net pay
What is the total amount of money earned before deductions?
Gross income
If a person is paid biweekly, how many paychecks will they receive in a year?
26
A worker earns $1,500 monthly. What is their annual income?
$18,000
A person spends 10% of $3,000 on food. How much money is spent on food?
.10 x 3,000 = $300
List 3 common budget categories people spend money on
housing, food, clothing, transportation, insurance, health, entertainment, etc.
a plan used to manage income and expenses
budget
If someone is paid semimonthly, how many paychecks will they receive in a year?
24
A worker earns $800 biweekly. What is their yearly income?
$800 x 26 = $20,800
Jaden uses 40% of his $2,500 monthly income on rent. How much money does he spend on rent?
$1,000
A person earns $2,500 monthly. They spend $600 on food, $400 on transportation, and $300 on savings. How much money is left for everything else?
2,500- (600 + 400 + 300)= 1,200
a pay schedule that means you are paid every 2 weeks
biweekly
If someone earns $67,890 and pays $3,755 in deductions, what is their taxable income?
$64,135
A worker earns $600 weekly. What is the average monthly income?
$600 x 52 weeks = 31,200
$31,200 / 12 = $2,600
A person spends $500 of their $2,000 income. What percent is spent?
500 / 2000 = .25
.25 = 25%
A person earns $4,500 per month. They spend:
-$1,300 on rent
-$600 on food
-$300 on transportation
How much do they spend in total?
$2,100
What is a standard deduction?
a fixed amount of income that you can subtract from your income when calculating how much tax you owe.
Maria works part-time and earned $24,500 during the year. Throughout the year, $2,800 was withheld from her paycheck for federal income taxes. After filing her taxes, Maria calculates that her actual federal income tax owed is $2,350.
Question: Will Maria receive a tax refund or have a balance due? How much will she receive or owe?
$450
A worker earns $1,500 semimonthly. What is their monthly income?
$1,500 x 2 = $3000
OR
$1,500 x 24 = $36,000
$36,000 / 12 = $3,000
A person spends $1,200 our of $15,000 of income. What percent is spent?
1,200 / 15,000 = .08
.08 = 8%
A person earns $3,600 monthly. They budget:
-40% for rent, 20% for food, and 10% for savings. How much money is left for everything else?
40% + 20% + 10%= 70%
100% - 70% = 30%
$3,600 x .3 = $1,080