Family+Economics+Exerises

1. Define the following a. income: How much money you make b. deduction: How much money you would lose from taxes c. income tax: Its an annual tax on personal income d. payroll tax: They are the state and federal taxes that you as an employer are to withhold or pay for your employees. e. medicare: Its a system for people who are 65 or older or younger people with disabilitie. f. social security: Its a goverment system that gives assistance to people that have no income. g. mortgage: A mortgage is an agreement to give up an interest in something if you fail to perform some duty. h. property tax: A tax levied against the owner of real or personal property. i. utility: The quality or state of being useful. j. insurance: Is lets say you get in to an acidedt and you need to pay for your medical bills your insurance would pay for some or all of it. k. credit: Is money add to your amount you have. l. 401K: Is an employer sponsored retirement plan designed to provide tax advantages on an employee's retirement savings. m. pension: A sum of money paid regularly as a retirement benefit or by way of patronage. n. deductible: Absolute dollar amount.

2. federal taxes and state taxes.

3. Income              Income Tax

$35,000                $1,960=5.6% $75,000                 $7,660=10.2% $111,000               $15,420=13.8% $1,000,000.00      $309,360= 30.9%

the more income you get the more money you would have to give to the goverment

5. how old you are. how bad the accident was. if you have been in an accsident

6.

7. sales deals new stuff samples

8. 12 months $1,626 24 months $849 36 months $591 48 months $463 60 month $386 9. Its when people take half hour long showers or leave the sink on.

10. When people fall asleep with the tv on or when you leave the chargers for your cell phones in or and chargers pluged in.