unit 2b - money - all about income
TRANSCRIPT
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Unit 2B: MoneyAll About Income
Mr. ElsesserIntroduction to
Financial Management
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DO NOW:BRAINSTORM:
Answer this question…What are some factors that can affect an individual’s income?
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Sources of Income___________________________________________________________________________________________________________________Rental Income
______________________________________________________________.
Windfall Income ___________________________________________________________________________. Ex: Gambling,
lottery, gifts, etc.
Inheritance: _______________________
_____________________________________.
How does money enter our lives?
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Factors Influencing Income_____________________
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.
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Factors Influencing IncomeValue of Money
Inflation _____________________________________________________________________________________. Leads to:
______________________________. ______________________________. ______________________________.
Deflation: ___________________________________________________________
__________________________. Leads to
______________________________. ______________________________. ______________________________. ___________________________________________________.
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Factors Influencing IncomeTAXATION
What is a Tax? ______________________________________________________________________________________________________________________________________________________.
Impact on Personal Income: ______________________________________________
__________________________. ______________________________________________
____________________________________. Goal: Reduce your Tax Liability: ______________________________________.
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Why do we TAX?______________________________________________.
Cigarettes, alcohol, gasoline, etc. ______________________________________________________________________________:
_________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________
_________________________Who can assess taxes?
_________________________ _________________________ _________________________
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More on TAXATIONExamples (Types) of Taxes:
Purchases:_______________________________________.__________________________________________________________________________.
Property:________________________________________.As value increases, so does the amount of taxes.
__________________________________________________________________________.
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More on TAXATIONExamples (Types) of Taxes:
Wealth: Estate Tax:
_________________________________________________________________________.
Inheritance Tax: ______________________________________________________________
___________.
Gift Tax: ______________________________________________________________
_________________________________. ______________________________________________________________
_________________________________. ______________________________________________________________
_________________________________.
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More on TAXATIONExamples (Types) of Taxes:
Earnings:_____________________________________________________________________________. Social Security Tax:______________________________________________________________________________________________________________________.
Personal Income Tax:______________________________________. _____________________________________________________________________________.
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More about TAXATION_____________________________________________________________________________________________.
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