Financial Literacy
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Transcript of Financial Literacy
![Page 1: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/1.jpg)
Financial Literacy
Career Management
![Page 2: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/2.jpg)
Your Paycheck
Payroll and Taxes
Deductions
![Page 3: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/3.jpg)
What do you know?
1) _______ is the total amount of person’s
or company’s income before any taxes
and deductions are taken out.
2) ______ is the sum of all financial
records of salaries, wages, bonuses,
and deductions.
3) _____ is the amount of income received
after taxes and deductions have been
taken out.
![Page 4: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/4.jpg)
What is a Payroll?
A payroll is the sum of all
financial records of salaries,
wages, bonuses, and deductions
The information from your employer’s payroll is used to generate your paycheck.
![Page 5: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/5.jpg)
Paychecks
• Your paycheck may be a paper document or an electronic transfer known as a direct deposit.
• It is calculated on a document known as a play slip.
![Page 6: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/6.jpg)
How is my paycheck calculated?
Gross Income
Less: Deductions
Net Income
Your pay slip sets forth a
statement of your earnings:
![Page 7: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/7.jpg)
What is Gross Income?
The total amount of person’s or
company’s income before any
taxes and deductions are taken
out.
![Page 8: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/8.jpg)
What Taxes?
• Federal and State Incomes Taxes
• City/Local Income Taxes
• FICA:– Social Security– Medicare
![Page 9: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/9.jpg)
What Deductions?
Deductions include:
• Group Health Insurance
• Retirement/Pension contributions
• Charitable contributions
• Miscellaneous such as union dues
![Page 10: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/10.jpg)
What is Net Income?
The amount of income
received after taxes and
deductions have been
taken out.
![Page 11: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/11.jpg)
Equation
Gross Income
Less Taxes
Less Deductions
Equals Net Income
![Page 12: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/12.jpg)
Understanding Check
Lonnie Flanagan's weekly gross income
is $1,250. Each week she has $64.37 in
deductions, plus state tax of two percent
of her gross pay, and Social Security and
Medicare taxes of 7.65 percent of her
income. What is her net income?
A) $185.00 B) $1,058.79 C) $1,065.00 D)
$1,435.00
![Page 13: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/13.jpg)
The Answer
A) $185.00
B) $1,058.79
C) $1,065.00
D) $1,435.00
![Page 14: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/14.jpg)
What did you know?
1) Gross Income is the total amount of
person’s or company’s income before any
taxes and deductions are taken out.
2) Payroll is the sum of all financial records
of salaries, wages, bonuses, and
deductions.
3) Net Income is the amount of income
received after taxes and deductions have
been taken out.
![Page 15: Financial Literacy](https://reader036.fdocuments.net/reader036/viewer/2022082817/56812acd550346895d8ea911/html5/thumbnails/15.jpg)
Assignment
Go to the following website and click on Lessons-Exam 2 for more information on taxes and deductions:
http://ww2.nscc.edu/Math1075-100/lessons.htm