Budgeting

Income

100

Any money you receive.

What is income?

200

This is also known as your "take home pay".

What is net income?

300

The total amount of income from your wages before any payroll deductions.

What is Gross income?

Expenses

100

This expense costs the same amount every time.

What is a fixed expense?

200

These expenses fluctuate in amount so you usually have more control over how much they'll be.

What are variable expenses?

300

This allows you to prioritize your spending and saving.

What is a spending plan or budget?

Budget

100

A plan for managing your money during a given period of time.

What is a budget/spending plan?

200

It is important to know what these are when creating your spending plan. (two things)

I_______   and e____________

income and expenses

300

First step in setting up a budget.  What action do you take?

What is writing it down?

Deductions

100

A fee collected by the federal government to support its programs.

What is federal income tax?

200

This tax provides a small income and other services to the elderly, disabled Americans and orphaned minors.

What is Social Security Tax?

300

This tax is on real estate like your home.

What is property tax?

Spending/Saving

100

These are not meant to be written in stone because each element will change over time.

What are budgets?

200

An important part of achieving the goals you set in your financial plan.

What is a budget?

300

The information on this form is used by the federal government to calculate your tax deductions.

What is the W-4 Form?