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________________.

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Presentation transcript:

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________________ Divided by 12 months per year________________ Equals = Gross Monthly Income ________________

Gross Income the total amount of money one earns Ex. $6.15 an hour Multiplied by 40 hrs. per week____$246_________ Multiplied by 52 weeks per year____$12792_______ Divided by 12 months per year____$1066_________ Equals = Gross Monthly Income ____$1066_______

Budget Notes Pre- tax deduction – Any money that is taken out of your gross pay before you pay taxes. These deductions are benefits paid by your employer. Income tax – Money taken from your gross monthly income by the government

Tax Federal Income Tax (9%) $ *.09 = ______________ FICA – Social Security and Medicare (7.65%) $ *.0765 = ________________ State Tax (7%) $ *.07 = _______________ Net income – the total amount of money you make after taxes. From the amount you will pay for rent, food, transportation, etc.

Tax Federal Income Tax (9%) $ *.09 = _____$95.94_______ FICA – Social Security and Medicare (7.65%) $ *.0765 = _______$81.55_______ State Tax (7%) $ *.07 = ______$74.62_________ Net income – the total amount of money you make after taxes. From the amount you will pay for rent, food, transportation, etc.

Budget Notes What would your net monthly income be in this example? $813.89

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