Pay Stubs and Expenses

What is net pay?

• Hours worked x Wage

• Take home pay

• Total pay before taxes and contributions

• What is left after you pay your bills.

What is gross pay?

• Pay before taxes are taken out

• Take home pay

• What is left after you pay your bills

• Pay after taxes and contributions

What does FICA include?

• Sales tax

• State income tax

• Social Security and Medicare

• Federal income tax

In terms of budgeting, which is a need?

• Rent/housing

• Coffee

• Xbox

• Top brand clothes and shoes

Define need.

• An essential for survival

• What you need to get through the day

Define want.

• Essential to survival

• Something that enhances your life but you do not need to live.

Choose the fixed expense.

• Groceries

• Rent

• Gas for your car

Choose the variable expense.

• Groceries

• Rent

• Health insurance

You should only have an emergency fund when you have extra money to put into it.

• True

• False

How often do you have an annual expense?

• Yearly

• Monthly

• Weekly

• Daily