Budgeting
Each month Abby saves 25% of her income before spending money on any other expense. What budgeting strategy does she use?
Pay Yourself First
Harper is paid $12 an hour at her job. If she works 28 hours this week, how much will her gross pay be?
$336
Tabitha's month income is $3,000. She uses the 50/30/20 budgeting method. How much does she plan to spend on WANTS each month?
$900
$210
Give TWO reasons why a budget is important to reaching financial goals.
Answers will vary.
Jerry earns $16 at his job. How much will he earn if he works 48 hours this week?
16(40)=640
16(1.5)= 24 , 24(8)=192
$640 + $192 = $832
Jordyn's total monthly expenses cost $4,000. He wants to have a FULLY funded emergency fund. Based on expert recommendation, how much money would he need to save to have a FULLY funded emergency fund?
$24,000
What percentage of your gross pay is taken as Social Security Tax and Medicare Tax?
Social Security: 6.2%
Medicare: 1.45%
Ally's monthly income is $3,000
Her rent costs: $1,050
Her Utilities cost:$100
Her groceries cost: $150
What percent of her income is being spent on these expenses combined?
43%
Richard's gross pay is this pay period is $1,400. How much of this will be deducted for Social Security Tax?
$86.80