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Unit 2B - Money - All About Income

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Unit 2B - Money - All About Income

  1. 1. Mr. Elsesser Introduction to Financial Management
  2. 2. Answer this question… What are some factors that can affect an individual’s income?
  3. 3.  ___________________  ___________________  ___________________  ___________________ ____________________  ___________________  Rental Income  _____________________ _____________________ ____________________.  Windfall Income  ___________________ ___________________ ___________________ __________________.  Ex: Gambling, lottery, gifts, etc.  Inheritance:  ____________________ ____________________ ____________________. How does money enter our lives?
  4. 4.  _____________________  Monetary  ____________________________ ______________________.  Examples: Cash bonus, stock options, commission, raises.  Non-Monetary  ____________________________ ___________________________:  Examples:  Restaurant coupons, relocation costs, movie tickets, birthday recognition, free lunch,/snack/beverages, parking spaces, plaques, discounts, tuition reimbursement, flex time, apparel, loan assistance, gym memberships, healthcare, life insurance, daycare, free cell phone or computer, advising services.  _____________________  Knowledge  Skills  Level of Education  _____________________  Recession  ____________________________ ____________________________ _________________________.  Depression  ____________________________ ____________________________ ________________________.  Both can lead to high rates of unemployment, impacting INCOME.
  5. 5.  Value of Money  Inflation  ________________________________________________ _____________________________________.  Leads to:  ______________________________.  ______________________________.  ______________________________.  Deflation:  ____________________________________________________ _________________________________.  Leads to  ______________________________.  ______________________________.  ______________________________.  ___________________________________________________.
  6. 6.  What is a Tax?  ___________________________________________________ ___________________________________________________ ________________________________________________.  Impact on Personal Income:  __________________________________________ ______________________________.  __________________________________________ ________________________________________.  Goal: Reduce your Tax Liability:  ______________________________________.
  7. 7.  ______________________________________________.  Cigarettes, alcohol, gasoline, etc.  ________________________________________________ ______________________________:  _________________________  _________________________  _________________________  _________________________  _________________________  _________________________  _________________________ _________________________  Who can assess taxes?  _________________________  _________________________  _________________________
  8. 8. Examples (Types) of Taxes:  Purchases:  _______________________________________.  ________________________________________ __________________________________.  Property:  ________________________________________.  As value increases, so does the amount of taxes.  ________________________________________ __________________________________.
  9. 9.  Examples (Types) of Taxes:  Wealth:  Estate Tax:  _________________________________________________ ________________________.  Inheritance Tax:  _________________________________________________ ________________________.  Gift Tax:  _________________________________________________ ______________________________________________.  _________________________________________________ ______________________________________________.  _________________________________________________ ______________________________________________.
  10. 10. Examples (Types) of Taxes:  Earnings:  ________________________________________ _____________________________________.  Social Security Tax:  ________________________________________ ________________________________________ ______________________________________.  Personal Income Tax:  ______________________________________.  ________________________________________ _____________________________________.
  11. 11.  ________________________________________________ _____________________________________________.  Americans are taxed though the Progressive Tax System:  ________________________________________________________ _____________________________________________________.  Bankrate.com Income Tax Brackets  What kinds of income are we required to report and pay taxes on?  _______________________  _______________________  _______________________  _______________________  _______________________  _______________________  Along with several others

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