Budgeting
Making the Most of Your Money
Income (Gross Pay vs. Net Pay)
► Income is any money that you receive
Gross Pay – Income BEFORE deductions
Net Pay – Income AFTER deductions
Deductions
► Four required taxes:
Federal Income Tax –
Social Security Tax –
Medicare Tax –
Deductions
► Other deductions could include:
Local Taxes
Retirement
Health Insurance
Savings
Donations
Expenses
► Fixed Expenses –
► Variable Expenses –
► Periodic Expenses –
Expenses
► Which type would these be?
Groceries
Magazine Subscription renewal
Dinner and a Movie
Car Payment
Gas
Clothing