Lifemath chapter 2 review

Why should you make a budget?

• Plan how to spend your money

• keep record of money

• to start a savings

What is FICA?

• Fall is coming ASAP

• made up of SS & Medicare

• record of receipt

Difference between Flat & Graduated tax?

• Flat has no air & Graduated is out of HS

• Flat is fixed & Graduated changes with income

• Flat is a receipt & Graduated is a payment

What is Gross pay?

• Pay from extra income

• expenses

• Wage plus hours Worked

What is Net pay?

• What you owe

• take home after deductions

• your tax return

What Is Social Security and Medicare?

• A dance

• Part of FICA

• We keep a record of

How do you know if you get a refund or owe money to IRS?

• If you file tax return, and you paid in too much you will get a return

• If you file a tax return, and you did not paid in enough you owe

• You Guess

• The bank will tell you

Examples of benefits

• daycare

• health Insurance

• gas

• lunch

Examples of expenses

• paycheck

• Gas

• Tools

• Clothing

amount of credit for exemptions?

• Child-$3000

  Married Couple-$4700

• nothing

• Child $100