Income.

Slides:

Advertisements

Similar presentations

Income & Taxes Chapter 2. Earned Income & Benefits What are the differences in the types of earned income, such as wages, salaries, tips, and commissions?

Advertisements

WHAT HAPPENED TO MY PAYCHECK?. GROSS PAY (earnings): Taxable income before any adjustments TOTAL COMPENSATION: DIRECT + INDIRECT COMPENSATION DIRECT COMPENSATION:

Personal Money Management 1. 2 What Is Money? Money allows businesses to operate and consumers to buy products and services that meet their needs and.

Working and Earning Earning Statements Key Ideas Employment provides a means of creating personal income Employee earning statements include information.

What is Income? Terminology to be discussed: Personal Income Employment Income Investment Income Gross Income Disposable Income Discretionary Income.

Income. Income Is money you receive. Or a benefit in kind you receive. It can be regular or additional.

Bell Ringer  Write down 3 things you know your parents spend money on each month.

PERSONAL INCOME EQUATION (P.I.E). Gross Pay – Deductions = Net Pay – Expenses = Discretionary Income.

Part 1: Earning Statements. Working and Earning Earning Statements Key Ideas Employee earning statements include information about………………. gross wages,

The reward for work. How people are paid Salary (stated as yearly earnings but are usually paid monthly) – more likely to be skilled, non-manual occupations.

Understanding Paychecks Where Does Your Money Go?.

UNDERSTANDING YOUR PAYCHECK

EMPLOYEE BENEFIT PACKAGE. HOW DO YOU DECIDE When you are presented with more than one job offer, how do you make your final decision? Consider this information.

 Gross Pay - income earned before any deductions  Salary - monthly or annual  Hourly - regular and overtime  Piecework - earn a set amount per item.

Gross Income the total amount of money one earns Ex. $6.15 an hour Multiplied by 40 hrs. per week_______________ Multiplied by 52 weeks per year________________.

Financial Terms Important Terms for Life and for Spreadsheets.

What is the difference between a wage and a salary?

Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week______________ Multiplied by 52 weeks per.

 Successful Marriages/Relationships require respect, compromise, and team work!  Combined Income ◦ “With greater power comes greater responsibility”

FORMS OF INCOME Wage Minimum Wage Piecework Income Salary Commission Tips Bonus.

Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income – wages earned from.

EMPLOYEE BENEFIT PACKAGE. HOW DO YOU DECIDE When you are presented with more than one job offer, how do you make your final decision? Consider this information.

27 year old – pay off debt in 2 years investor/personal-finance/home-cents/this- 27-year-old-repaid in-debt---in-

MATHPOWER TM 11, WESTERN EDITION Chapter 9 Personal Finance.

Pay Cheque Definitions. Gross Income (pay/earnings) The amount of income/earnings, for any pay period, before deductions.

Key Ideas Employment provides a means of creating personal income

Marriage Unit: Budgeting 101

Presented by: Insert Name(s)

Decision Making in Finance Paycheck Example

Getting Paid Advanced Level.

Chapter 6 Pay, Benefits, and Working Conditions

Employee Pay and Benefits

National Income Accounts

Aim: How can we understand how gross income becomes net income by analyzing our paycheck deductions? Do Now: Name and describe the three ways an employer.

Part 1: Earning Statements

Understanding Pay, Benefits, and Incentives

Pay, Benefits, and Incentives

Pay-Cheques! Calm 20.

Journal You can choose whether you want to be paid $50,000 salary for the whole year of $20 an hour for however long you work. You will get time and a.

What is income? Unit 4.

Payslips and Overtime.

How to calculate Commission.

CHAPTER 2 Income, Benefits, and Taxes

Taxable Income Unit 3 – Taxes – Day 1 Notes.

Getting Paid Advanced Level.

Presented by: Insert Name(s)

Getting Paid Advanced Level.

INCOME MANAGEMENT BBI2O1.

BUDGET AND FINANCE VOCABULARY

Chapter 20 THE PAYROLL.

Consumer Taxation.

Getting Paid Advanced Level.

Paycheque Terms.

Getting Paid Advanced Level.

Money Management Chapter Six Notes Employee Pay and Benefits

Gross Pay, Deductions and Net Pay

Presented by: Insert Name(s)

Evaluate the costs and benefits of budgeting

Ways People Are Paid.

Human Capital (Voc) Refers to the amount of education and skills a person has (what makes you employable) Do you have the human capital to get the job.

Employee Benefit Package

Paycheck Vocabulary.

Important Terms for Life and for Spreadsheets

More Budget Practice Financial Literacy.

Decision Making in Finance Paycheck Example

Paycheck Vocabulary.

Getting Paid Advanced Level.

Getting Paid Advanced Level.

1. Earning and managing money

Presentation transcript:

Income

What is income? Money that an individual receives from various sources such as: Wages Salaries Commission Interest Dividends Profit sharing Allowance Gifts Benefits: Medical insurance Paid holidays Paid sick days Dental plan

Types of Personal Income Gross Income Total amount of income received by a person Example: job earns $78,000/year Disposable Income (Net Income) Income left after deductions (ex. income tax, pension plan, employment insurance) Example: job earns $78,000/year but take- home pay is $47,500 after deductions

Types of Personal Income cont’d Discretionary Income Income left over after necessities have been paid for Used to purchase “the fun stuff” Example: after paying for mortgage, food, car insurance, etc. you are left with $2300/year. Hand-out: Calculating Income