Budgeting
What is budgeting?
A plan made in advance to help keep payments in order?
What is workers compensation?
Money you get paid out to you because of an injury you got on the job.
What is commission?
Money that is added to your paycheck that is a percentage of the sales you made.
What is gross pay?
The total earnings before any deductions are taken out.
What are taxes?
Money taken by your employer to give to the government.
What is a "Fixed Expense"?
A payment that stays the same amount every time you pay it.
Who pays out workers comp?
The employer.
If you make 10% commission, how much do you make on a $100 sale?
$10
how do you calculate net pay?
You take the taxes and deductions out of the gross pay
What is a pay period?
A period of time where you can pay your taxes.
What's the best way to start budgeting?
By tracking your monthly pay and expenses.
how much money do you get paid out of workers comp?
2/3's of your average weekly wage.
If you make 5% commission, how much would you make on a $1000 sale?
$50
What's the difference between gross and net pay?
Gross pay is total earnings before deductions are taken out, net is after deductions.
What is sales tax?
What's budgeting for?
It is used for keeping spendings in track.
What type of benefits can you recieve?
Medical benefits and wage replacements.
if someone makes 2% on commission, how much would the make on a $650 sale?
13
if you earn $18 an hour and work 30 hours, what's your gross pay?
540
What tax is in every state except 9 US states?
Sales tax.
What's a "rainy day' savings fund?
Money set aside for emergencies
What's the longest amount of time you can be on workers comp?
2 years.
If you make 3% commision, how much would you get on a $528 sale?
15.84
How much money do you have left if 6.3% was taken out of 1374.45?
$86.59
What government agency collects taxes?
The IRS.