11/16 Adjusted Gross Income

If you get paid biweekly then you will get ....... paychecks per year?

• 12

• 24

• 26

• 52

If you get paid semi-monthly then you will get ....... paychecks per year?

• 12

• 24

• 26

• 52

If you get paid weekly then you will get ....... paychecks per year?

• 12

• 24

• 26

• 52

If you work 34 hours in a week, and your hourly wages are $13.25, what will your gross earnings be for the week?

• $20.75

• $386.28

• $450.50

• $530

You are a salary employee and make $61,618.00 a year. You get paid monthly. Calculate your gross earnings for a single paycheck.

• $1,184.96

• $2,369.92

• $2,567.41

• $5,134.83

^Wants

• Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances

• Expenses that equal all the fixed and variable expenses added together

• Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

• Income from all possible sources

Needs

• Necessary items that are paid monthly./yearly such as food, housing, transportation, utilities, & Insurance

• Things you would like to have but are not necessary for life.

• Income from all sources that are spent for necessary items

• Anything that you might incur an expense for.

Deductions

• Hard or electronic copy of earnings

• Anything that you might incur an expense for

• All expenses deducted from gross pay that results in net pay.

• Federal or state tax paid after net pay is received

Income tax

• Federal, state, and local taxes taken out as deductions from a personal or business revenue source

• An occupation that allows for advancement opportunities

• Anything you might incur an expense for.

• Income after tax

What is Medicare?

• This is a type of insurance for people who can't afford health insurance

• This is a required payment to a government

• A social insurance program that extends health coverage to almost all Americans age 65 and over

• This is a social insurance system that provides benefits to most Americans who are sick, retired, or too disabled to work, and to families of workers who have died