Personal Finance

Front

What is Personal Finance?

Back

Personal Finance refers to the management of an individual's or family's financial activities, including budgeting, saving, investing, and planning for future expenses.

Front

What is Gross Pay?

Back

Gross Pay is the total amount of money earned by an employee before any deductions such as taxes, insurance, and retirement contributions.

Front

What is Net Pay?

Back

Net Pay is the amount of money an employee takes home after all deductions have been subtracted from the gross pay.

Front

What are Deductions?

Back

Deductions are amounts of money that are taken out of an employee's gross pay, such as taxes, insurance, and retirement contributions.

Front

What is a Budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period, helping individuals manage their finances.

Front

What is Income Tax?

Back

Income Tax is a tax imposed by the federal government on the income earned by individuals and businesses, typically due by April 15th each year.

Front

What is the difference between Gross Income and Net Income?

Back

Gross Income is the total earnings before any deductions, while Net Income is the amount remaining after all deductions are taken out.

Front

How do you calculate Total Monthly Income from Biweekly Pay?

Back

To calculate total monthly income from biweekly pay, multiply the net pay per paycheck by 2 (for two paychecks) and then by 2 (for two months), resulting in a total of 4 paychecks per month.

Front

What is an Example of a Weekly Income Calculation?

Back

If you earn $46.00 per week and miss one week, your total income for 8 weeks would be calculated as: (8 weeks - 1 week) x $46.00 = $322.00.

Front

What is Medicare?

Back

Medicare is a federal health insurance program for people aged 65 and older, as well as some younger individuals with disabilities, funded through payroll taxes.