Tax
What are taxes?
A mandatory financial charge imposed by the government on individuals and businesses.
What is budgeting?
Why is investing important?
Helps your money make money and receive returns in value.
What is Social Security and why is it important?
Social Security is a federal insurance program that provides essential income to retirees, disabled workers, and survivors of deceased workers. It is funded through payroll taxes (Federal Income Tax). It is the foundation of retirement security in the U.S.
True or False: Taxes are placed on luxury goods such as boats and cars.
True
Lifestyle, Essentials, Discretionary, Security, Goals.
List some different types of investments that you can profit from.
stocks, bonds, trust funds, real estate, your own business, etc.
What is gross and net pay?
Gross pay = Pay before taxes and deductions
Net pay = Pay after taxes and deductions are taken out
What type of tax do we not have to pay as a resident in Florida?
State Income Tax
Your check every month is $3,000. You just received $350 bill for your dentists after having to get your cavities filled. What budget category would this bill go to?
Essentials
You bought a house 5 years ago for 289,000. You notice that you can sell your house now for 500,000. How much profit would you make if you sold your house today?
500,000 - 289,000 = $211,000
What are some items that are deducted from your paycheck?
Federal Income Tax, deductions such as health insurance, dental, vision, 401k, etc.
Name 3 different types of taxes.
Sales Tax, Property Tax, State Tax, Federal Income Tax, etc.
Budget the following in the proper category:
gas - $55
savings - $1,000
baby food - $47
Adidas - $78.99
Skyzone - $60.99
essentials: gas and baby food = $102
savings: goals = $1,000
Discretionary: Adidas and Skyzone = $139.98
Daily Double!!!
Apple stock is selling for $302/share. Joseph decides to purchase 36 shares on December 2, 2024. On Janurary 28, 2025 Apple stock price was $258/share. If Joseph sold all his shares today would he profit or lose and how much?
What is a paystub?
A detailed statement from your job showing your earnings, deductions, and net pay for that specific pay period.
What type of tax are imposed on things like alcohol, gas, tobacco, etc.?
Excise Tax
You make $4,000/month. Here are a list of bills. How much would you have to set aside money for goals?
rent - $1,250
groceries -$600
Insurances - $350
Water and sewer - $89
Trash and HOA - $250
Internet and cable - $150
Phones - $160
Electric $75
$1,076
How do you calculate profit and loss? Write down the formula talked about in class.
New Price - Old Price = Profit or Loss
(New Price - Old Price) x Shares = Stocks profit or loss
The Boys Varsity Basketball team sells custom Jersey's to raise money for their team. Jersey's sell for $50 each. They sell a total of 63 shirts. Their expenses are: $724 for printing and a $100 design fee. Did they profit or lose money and how much?
They profited $2,326