Education
A type of student loan available to undergraduates
Direct subsidized
Developing skills and getting more education is known as human
What does it mean to pay yourself first
Put aside savings and retirement before paying anything else
Define gross pay
Pay before taxes and other deductions
The form filled out for my employer to reflect my deductions
W4
The difference between subsidized and unsubsidized student loans
In unsubsidized, borrower is responsible for interest on life of loan, not based on financial need
Relationship between education and wages
In your budget, list 3 things that are needs
House, car, food, clothing
Define net pay
Pay after taxes and other deductions, take home pay
Yearly taxes are due by what date
April 15th
Prove you do not have to have a four year degree to be financially successful
Trade jobs such as plumber, welder, electrician
Relationship between education and unemployment
Higher education=lower unemployment
In your budget list 3 things under wants
Pets, gym membership, enterntainment
Federal payroll tax is FICA made up of what 2 parts
Medicare and Social Security
The form your employer must give you by Jan. 31st in order to complete your taxes
W2
These student loans are primarily for graduate, professional or parents
Direct PLUS
What would fall under needs category
Water, food, clothing, housing
To have a successful budget you need
either a zero balance or money left over
Another category of payroll taxes that supports services that benefit us personally is
state taxes
You can prepare your own taxes for free is your adjusted gross income is less than
$72,000
Ways to save money when attending college
Grants, scholarships, work study, loans
Fun, based on personal interest
50% of budget is needs, 30% is wants, 20% is savings
What is social security
Provides income to retired or elderly
It is better to hire a tax professional if any of the following apply:
you have dependents, give charitable donations, many investments or assets or own your own business