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26 Cards in this Set

  • Front
  • Back
how much money will most people make over the course of their life?
1,000,000,000+ dollars
How many hours do you spend in classroom over a lifetime?
15, 000 hours
What is one of the most important skills you need today?
To succeed at earning money what kind of job should you have?
one you enjoy
During your average career how many hours do you work?
86,000 hours
Who is the uncle that takes your money away?
Uncle Sam
When Uncle Sam takes money out of your pay check what is that called?
withholding payroll taxes
The money that you actausl take home is called
take home pay
Name the 3 bukets that show up on you pay check
federal Income tax
social security
How much does Sam take?
the more you earn the more he takes
what would be the pecentages for part-time, full-time, people who make over $100,000
part-time is about 10%
full-time is about 25%
over $100,000 is about 30%
Bucket #1 Where does most of the tax money go to?
Bucket#2 Social Security
Whatat does FICA stand for
Federal Insurance Contribution Act
WHat age can you collect Social Security?
What age do they want to change it to?
AGE 67

Age 72
What is the maxium youcan collect from Social Security?
$1,825 per month
the averge last year was $922
Who funds medicare? What is Medicare?
The government funds medicare
It is a health plan for elder people
By what day do you have to file for income tax?
April 15th
How much do you have to earn before you file?
$4,750 per year
What 3 thongs determine how you handle you money?
How many years you will have to work before you will haveto retire?What kind of lifestyle you will have until will retire? How much money you will have after you retire?
What are the 4 choice you have with your money when you earn it?
spend it, save it, invest it, give it away
How much do teens spend together each year?
$17.5 billon
What was commom about all the successful people that the author knew
part-time jobs as teen-agers
what is one of the most serious financial serious problems facing teen-agers today
credit cards
How does a credit card work?
you charge soomething, that store, pays a percentage,then you get a bill,
What should you always try to do with your credit card statement ?
pay it off every month
What happens if you don't pay your credit card statement off in full every month
you are charge interest