WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject...
-
Upload
randall-hall -
Category
Documents
-
view
220 -
download
0
description
Transcript of WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject...
![Page 1: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/1.jpg)
WHERE DOES YOUR MONEY COME FROM?
![Page 2: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/2.jpg)
FORMS OF INCOME
Earned Income• Money you earn
while working• Subject to taxes• Several different
forms• Depends on your
career
Unearned Income• Private Sources• Government
Transfer Payments• In-cash Payment• In-kind Payments
![Page 3: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/3.jpg)
EARNED INCOME
![Page 4: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/4.jpg)
WAGES
What a person is paid for each hour worked.
Minimum Wage in NE $8.00/hour
Department of Labor
Overtime PayPay for hours worked in addition to regular hours.
(Usually is time and half)
![Page 5: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/5.jpg)
SALARIES
What you get paid for the position you hold.
- Don’t keep track of hours - Don’t punch a time card - Often work more than 40 hours/week - Flexible schedule - Usually self-managed positions
![Page 6: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/6.jpg)
TIPS AND COMMISSION
TipGift of money
Usually a % of the billSubject to tax
CommissionSet fee or % of Sale
![Page 7: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/7.jpg)
BONUSES
• Additional money you get based on job performance
Can be based on…• Sales• Profits• Customers• Years of Service
![Page 8: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/8.jpg)
PROFESSIONAL FEES
These are fees paid to a professional for work done
• Accountants• Solicitors• Architects
![Page 9: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/9.jpg)
UNEARNED INCOME
How’s the jobShadow
confirmation Going?
![Page 10: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/10.jpg)
PRIVATE SOURCES• Interest/ Dividends• Capital Gains• Gambling Winnings• Alimony• Social Security benefits• Pension• Annuities• Unemployment Compensation• Royalties
![Page 11: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/11.jpg)
(GOVERNMENT)IN-CASH PAYMENTS
Direct payment given to those in need of assistance
Can be in the form of…• Cash• Check• Debit Card
Usually given to people after a natural disaster.Usually requires an application to be verified.
![Page 12: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/12.jpg)
(GOVERNMENT)IN-KIND PAYMENTS
Payments are made indirectly on the persons behalf.Paid to business in a form other than money.
Some Examples…• Food Stamps• Rent subsidies• Vouchers• Medicaid
There is also an application.Must be verified.
![Page 13: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/13.jpg)
EMPLOYEE BENEFITS
• Pay without work• Paid Vacation/ Sick
Leave• Educational
benefits• Free tuition
• Perks• Discounts
• Insurance
• Retirement Plans• Stock Options• Health Spending
Plan• Optional
Deductions• Daycare Flex
Spending
![Page 14: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/14.jpg)
SELF EMPLOYED
Advantages• Make decisions– Products–Hours– Employees
• Profits
Disadvantages• Risky• Loss of personal
money• Loss of family
money• Long hours• Tight finances
![Page 15: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/15.jpg)
OPPORTUNITY COST
• What you give up when you make one decision over another.
• Example: What are 3 choices that you can do with your life after high school graduation?
• What are some pros & cons of those choices?
• What is the opportunity cost of your decision?
![Page 16: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/16.jpg)
Choice 1
Choice 2
Adv. DisAdv.
Put your choiceWhat’s the opportunity cost?
![Page 17: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/17.jpg)
EARNING POTENTIAL
![Page 18: WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.](https://reader034.fdocuments.net/reader034/viewer/2022042707/5a4d1b607f8b9ab0599ad216/html5/thumbnails/18.jpg)