Personal Finance

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What is Personal Finance?

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Personal Finance refers to the management of an individual's or family's financial activities, including budgeting, saving, investing, and planning for future expenses.

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What is Gross Pay?

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Gross Pay is the total amount of money earned by an employee before any deductions such as taxes, insurance, and retirement contributions.

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CCSS.7.RP.A.3

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What is Net Pay?

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Net Pay is the amount of money an employee takes home after all deductions have been subtracted from the gross pay.

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What are Deductions?

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Deductions are amounts of money that are taken out of an employee's gross pay, such as taxes, insurance, and retirement contributions.

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What is a Budget?

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A budget is a plan that outlines expected income and expenses over a specific period, helping individuals manage their finances.

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What is Income Tax?

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Income Tax is a tax imposed by the federal government on the income earned by individuals and businesses, typically due by April 15th each year.

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What is the difference between Gross Income and Net Income?

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Gross Income is the total earnings before any deductions, while Net Income is the amount remaining after all deductions are taken out.

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How do you calculate Total Monthly Income from Biweekly Pay?

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To calculate total monthly income from biweekly pay, multiply the net pay per paycheck by 2 (for two paychecks) and then by 2 (for two months), resulting in a total of 4 paychecks per month.

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CCSS.7.RP.A.3

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What is an Example of a Weekly Income Calculation?

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If you earn $46.00 per week and miss one week, your total income for 8 weeks would be calculated as: (8 weeks - 1 week) x $46.00 = $322.00.

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CCSS.7.EE.B.3

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What is Medicare?

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Medicare is a federal health insurance program for people aged 65 and older, as well as some younger individuals with disabilities, funded through payroll taxes.