| Taxation | Financial decisions in every day life | Vocab | Orginization in finances | Miscellaneous |
|---|---|---|---|---|
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Every American with a job who earns more than the minimum income as determined by the IRS.
Who must file their taxes?
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Save your money for textbooks for now.
You are a college student at Umass Amhearst, and you want to go to the movies. You also need money for textbooks and supplies. Should you go to the movies, or save your money for textbooks and supplies?
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The concept of paying a portion of your income to the government so that free education and other government functions can happen
Define taxation
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A tool that can be used to give someone money straight from your bank account.
What is a check?
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A budget is a set plan for how you are going to handle your money for a period of time.
What is a budget?
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You will receive a failure-to-file penalty which starts at 6% of what you were supposed to pay in addition to what your supposed to pay, but can grow to 100%.
What will happen if someone who has to file their taxes does not do so?
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The helmet because #1, its the law, and #2 its not safe to ride without a helmet. Also you shouldn't be out at night.
Your mom gave you $20 to purchase things for your bike. The helmet you want is $17, and the bike light you want is $19. Which should you buy and why?
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An income tracker is a tool used to track your ingoing and outgoing expenses
what is an income tracker? (Describe)
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You could have an envelope for personal receipts and business receipts and things like that.
How can envelopes be used to organize receipts?
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A coupon is a piece of paper that can be used to lower the price of certain items at the store.
What is a coupon?
|
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24% Social Security
15% Medicare 15% Defense 13% Health 13% Income Security 6% Net Interest 5% Veterans Benefits 6% Other 3% Education
What is the money that goes into our nations taxes used for?
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Splurge on the shoes with good support. It will save you money from the doctors office n the long run.
You are 16 and you need new shoes for gym. You have scoliosis and you need shoes with good support. Should you buy the shoes that are a little more expensive but have good support, or go with the cheaper shoes?
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A bank teller is the person at the bank who deals directly with customers.
What is a bank teller?
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Pay them as soon as possible and file them.
What is the best way to keep track of bills and other things that you need to pay?
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At the store, in the newspaper, or online.
Where can you find coupons?
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To make sure that the nation has money to fund things like education, veterans benefits, and national security.
What is the purpose of filing taxes?
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Cleaning supplies because it is more of a necessity than new paint.
You're 30 years old and the lease at your old apartment just ended, and today is the first day in your new apartment. Your budget for new things for the apartment is $50. Should you spend the money on cleaning supplies or new paint?
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A system of money in general use in a particular country.
What is currency?
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A budgeting app like mvelopes, pocket guard and YNAB.
What is the best way to keep track of money coming in and going out?
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Cash is money you have to spend now. Credit cards is money you are borrowing to pay for things but will have to pay it back later usually with interest.
What is the difference between cash and credit cards?
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In the revolutionary times
where did the concept of taxation originate?
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Paying off your debt, because it will grow over time, and you can take public transport.
You are fresh out of college and have about $12,000 in debt. This is about the same cost of a car which you don't need, but would help you because you would not have to take public transportation. Should you focus on saving up for a car, or paying off your debt, which will eventually grow?
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They are the internal revenue service. They are the people who contact you when you do not file your taxes.
What is the IRS?
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It is a planner that has the days of the week just like a regular calendar, but it also has slots for different bills one would have to pay
What is a budget planner?
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Put money into savings
When you get a pay check what is the first thing that you should do?
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