1. Warm-up & Review (Located on your notes sheet)
Without looking at your notes from last time, list 8 different types of payments (other than cash or trade) that exist in our society.
What does it mean that our society is increasingly “cashless?”

2. 8 forms of payment (not cash or trade)
Gift Card
Debit Card
Prepaid-Debit Card
Personal Checks
Cashier Checks
Money Order
Credit Card
Electronic Fund Transfer (EFT)

3. “Cashless” Society
These days, we pay for things with something other than cash/coin
Why?
Often safer and easier than carrying lots of cash

4. How can you (legally) get income?
Realistic Ideas?

5. How can you (legally) get income?
1. Employment

6. How can you (legally) get income?
2. Investments—interest/dividends

7. How can you (legally) get income?
3. Rental Income

8. How can you (legally) get income?
4. Sell goods/services

9. How can you (legally) get income?
5. “Windfall” Income
Gambling/Lottery
Inheritance—money given when someone dies
Gifts

10. What influences how much money you make?
Knowledge, skills, education

11. What influences how much money you make?
Job opportunities

12. What influences how much money you make?
Employment benefits
Might not be part of your income, but one of the most important things connected to a job!

13. What influences how much money you make?
Inflation—when prices go up (inflate), the value of your money goes down
Too much money in circulation
Purchasing Power of each dollar drops

14. What influences how much money you make?
Deflation—when prices go down (deflate), the value of your money goes up
Too little money in circulation
Purchasing Power of each dollar rises

15. What influences how much money you make?
Taxes—money you pay to fund government

16. Different types of taxes
Payroll tax—taken out of your paycheck

17. Different types of taxes
Excise Tax—tax on specific good
E.g. Gas Tax, Cigarette Tax

18. Different types of taxes
Income Tax—tax on your income
The more money you make, the more you owe

19. Impact on Income
When taxes go up, your income left-over for your own spending goes down

20. Who collects taxes in our country?
The Government—the Internal Revenue Service (IRS) collects federal (national) taxes

21. When do you file federal and state income taxes?
Due to IRS by April 15th each year (almost same due date for state taxes)

22. Graduated Income Tax
In our country, the more money you make the more you pay in taxes