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New Notes Unit 3

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22 views12 pages

New Notes Unit 3

Uploaded by

bobbillyhduf07
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Paychecks and Taxes

Forms of Payment:
Paycheck –

Direct Deposit –

Payroll Card –

Regulation E –

Card holders are liable for…

Taxes –

IRS –

W4 –

Allowances –

Dependent –

I-9 –

Reading a Paycheck
Paycheck Stub –
On-The-Go
Employee SSN Check # Check Amount
Beakens, Joe 201-92-4856 164 $1,102.98

EmployeeAddress
293 Michael Grove
Billings, MT 59102
Pay Type- Deductions Current Year-to-date
Gross Pay

$1,353.33 Federal Withholding $106.00 $503.46


StateWithholding $40.82 $117.72
Fed OASDI/ EE or Social Security $83.91 $636.00
Fed MED/ EE or Medicare $19.62 $244.92
Medical $0.00 $0.00
401K $0.00 $0.00
Totals $250.35 $1,502.10
Pay Period 6/11/2004-7/11/2004

Pay Period – Calculate Gross Pay (Salary):


______ (Yearly Salary)
Gross Pay –
/ ______ (# of Pay Periods/Year)

Calculate Gross Pay (Straight Time): = ______ (Gross Pay)

______ (Hourly Rate)


Net Pay –
X ______ (Hours Worked)

= ______ (Gross Pay) Deductions –

Calculate Gross Pay (Over Time): Federal ____________ ______ –


$7.75 (Hourly Rate)
________ Withholding Tax –
X _1.5 _ 1.5 (time and a half)

= $11.62 (Overtime Rate) FICA –


X __9.75__ (Overtime Hours Worked)
Social Security –
= $113.33 (Overtime Pay)
______%
+ _+160__ (Straight Time) Medicare –
= _$1,240 (Gross Pay) ______%
Medical –
Salary –
401K –
Paycheck Math
1.

2.

3.

4.
Paying Taxes

1040EZ

Income -

Spending Plans
Draw the Spending Plan Pie Chart

What are the five steps of Budgeting?

1.

2.

3.

4.

5.
Step 1 –

Tracking Methods include:

1.

2.

3.

4.

Tracking Food

Assign Tracking Expenses Project

Step 2 –

Housing –

Monthly Payment (__________) –

Utilities –

Transportation –

Monthly Payment (__________) –


Food/Misc. –

Insurance –

Additional Expenses
Savings and Investing –

Charitable Contributions –

Step 3 –

Step 4 –

Spending Plan Control Methods:

1.
2.

Step 5 –

Revenue

Net Worth

Flexible Expenses

Fixed Expenses
Assets –

Liabilities –

Net Worth –
Paying Expenses - Spending Plan (can be done in the Portfolio)

Checking Account
Date Description Income Expense Balance
Opening Balance $183.54

Saving Account
Date Description Income Expense Balance
Opening Balance $1,783.24
Investing Account
Date Description Income Expense Balance
Opening Balance $2,825.73

Housing Envelope
Date Description Income Expense Balance
Opening Balance $150.00

Transportation Envelope
Date Description Income Expense Balance
Opening Balance

Food/Misc. Envelope
Date Description Income Expense Balance
Opening Balance
Insurance Envelope
Date Description Income Expense Balance
Opening Balance $33.54

Charitable Contributions Envelope


Date Description Income Expense Balance
Opening Balance
Budgeting Math Simulation
Using the assigned “life,” calculate the answers to the following questions:
Teacher Auto Technician Associate Lab. Technician Computer
Professor Programmer
Date N.I. $3,411 N.I. $4,243 N.I. $5,750 N.I. $7,672 N.I. $8,728
3/2 Savings Savings Savings Savings Savings
3/2 Roth IRA Roth IRA Roth IRA Roth IRA Roth IRA
3/2 Charity Charity Charity Charity Charity
3/3 900 Rent 1,125 Rent 1,200 House 1,42 House 1,657 House
5
3/4 150 Food 225 Food 250 Food 350 Food 450 Food
3/5 75 Internet 75 Internet 85 Water 105 Water 120 Water
3/6 15 Ent 25 Ent 23 Trash 23 Trash 23 Trash
3/6 37 Fuel 56 Fuel 45 Ent 55 Ent 65 Ent
3/8 53 Ntl. Gas 70 Ntl. Gas 94 Fuel 113 Fuel 132 Fuel
3/10 65 Power 83 Power 105 Internet 120 Internet 120 Internet
3/11 60 Cell 60 Cell 88 Ntl. Gas 95 Ntl. Gas 120 Ntl. Gas
3/13 30 Rent Ins 40 Life Ins 90 Power 108 Power 125 Power
3/14 30 Life Ins 40 Life Ins 105 Cell 105 Cell 105 Cell
3/15 15 Ent 25 Ent 45 Ent 55 Ent 65 Ent
3/15 37 Fuel 56 Fuel 94 Fuel 113 Fuel 132 Fuel
3/15 30 Life Ins 105 Cell 105 Cell 105 Cell
3/15 125 Food 200 Food 225 Food 300 Food 450 Food
3/16 60 Cable 90 Cable 120 Cable
3/17 150 Car Ins(1) 45 Life Ins 45 Life Ins 55 Life Ins
3/19 150 Car Ins(1) 45 Life Ins 45 Life Ins 55 Life Ins
3/22 15 Ent 25 Ent 45 Ent 55 Ent 65 Ent
3/23 37 Fuel 56 Fuel 94 Fuel 113 Fuel 132 Fuel
3/25 150 C.C./S.L. 300 C.C./S.L. 175 C.C./S.L.
3/25 150 Car Ins (1) 150 Car Ins (1) 150 Car Ins (1)
3/26 250 Car Pmt (1) 375 Car Pmt (1) 425 Car Pmt (1)
3/28 15 Ent 25 Ent 45 Ent 55 Ent 150 Car Ins (2)
3/28 37 Fuel 56 Fuel 94 Fuel 113 Fuel 65 Ent
3/28 150 Car Ins (2) 150 Car Ins (2) 132 Fuel

Questions:

1. Which “life” where you assigned? Teacher Auto Tech. Assoc. Pro. Lab. Tech. Comp. Pro.

2. How much do you plan to give to Charity?

3. How much are you putting into your IRA? ___________________________________________________________

4. How much are you Saving? ______________________________________________________________________

5. What are your Total Expenses? ___________________________________________________________________

6. What is your available surplus (additional savings)? ___________________________________________________


7. Categorize your expenses (combine the expenses into the following categories)
Total Housing: ___________________________

Total Transportation: ______________________

Total Food/Misc.: _________________________

Total Insurance: _________________________

Total Charity: ____________________________

Total Saving: ____________________________

Total Retirement: _________________________

8. Calculate the percentage spent for each category (Expense / N.I.)


Percentage for Housing: ___________________

Percentage for Transportation: ______________

Percentage for Food/Misc.: _________________

Percentage for Insurance: __________________

Percentage for Charity: ____________________

Percentage for Saving: ____________________

Percentage for Retirement: _________________

9. Compare your spending to the supplied pie charts in the PowerPoint. Where do you over/under spend?
Housing (30%): On Over Under

Transportation (15%): On Over Under

Food/Misc. (10%): On Over Under

Insurance (5%): On Over Under

Charity (10%): On Over Under

Saving (20%): On Over Under

Retirement (10%): On Over Under

10. What WOULD you change for each of the following “Over Spending Issues” (you cannot simply “not-pay”)?

Housing: ______________________________________________________________________________

Transportation: _________________________________________________________________________

Food/Misc.: ____________________________________________________________________________

Insurance: _____________________________________________________________________________

Charity: _______________________________________________________________________________

Saving: ________________________________________________________________________________
Retirement: ____________________________________________________________________________________

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