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Financial Literacy

Financial Literacy. Taxes and Insurance. Checking Accounts: Emily, Jocelyn, Jarek Savings Accounts: Robert, Anastasia, Greg Money Markets & CD’s Sarah, Jonah, Alex. Banking Follow Up. Taxes. Taxes on your Income Federal Taxes State and Local Taxes FICA Taxes

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Financial Literacy

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  1. Financial Literacy Taxes and Insurance

  2. Checking Accounts: Emily, Jocelyn, Jarek Savings Accounts: Robert, Anastasia, Greg Money Markets & CD’s Sarah, Jonah, Alex Banking Follow Up

  3. Taxes

  4. Taxes on your Income • Federal Taxes • State and Local Taxes • FICA Taxes Taxes on your Investment Gains • Capital Gains Taxes What are the different types of taxes?

  5. YouTube - Personal Income Taxes - A Visual Explanation Video

  6. If you earn money you owe certain taxes on that money. Money is withheld from your paycheck and automatically sent to the government for these taxes. You then file a tax return by April 15 of the next year to calculate your taxes and see if you’ve had enough withheld. Taxes on your Income

  7. This applies to Federal and State Taxes It does not apply to FICA Taxes FICA Taxes are taxes for: • Social Security (6.2%) • Medicare (1.45%) Taxes on your income

  8. The Federal Tax ReturnForm: 1040

  9. The Federal Tax ReturnForm: 1040

  10. The Federal Tax ReturnForm: 1040

  11. The Federal Tax ReturnForm: 1040

  12. Income Antonio’s Salary: $43,000 Interest Earned on CD: $300 Total Income: $43,300 Deductions Standard Deduction: $5,650 Exemption Deduction: $3,650 Total Deductions: $9,300 In Plain English Taxable Income Income – Deductions: $34,000 Federal Tax The first $8,375 is taxed at 10% $837 From $8,375 to $34,000 is taxed at 15% $3,844 Federal Tax: $4,681

  13. Federal Tax Federal Tax: $4,681 Federal Tax Withheld Federal Tax Withheld: $5,000 In Plain English Refund or Amount Due Amount withheld – Federal Tax: Refund of $319

  14. Let’s review Antonio’s tax situation Examples

  15. Insurance

  16. Definition: An agreement by which a company provides a guarantee of repayment for a specific loss in return for a customer’s payment of premium. What is insurance?

  17. Basic Example: If you pay your monthly premium for your car insurance, when you get in an accident your insurance company will help fix your vehicle. What is insurance?

  18. Health Insurance: If you get sick and need to see a doctor, your health insurance will help you pay the cost. Car Insurance: If you get in a car accident, your car insurance will help fix your car. Different Types of Insurance Home Insurance: If someone breaks into your house, your home insurance will help pay to replace the items that were stolen.

  19. Life Insurance: If you pass away, the insurance company will pay money to your family. Different Types of Insurance Disability Insurance: If you become disabled and cannot work, the insurance company will pay money to you every month to help you pay bills.

  20. If you drive a car… You are required to have insurance. If you own a home… You are required to have insurance. Why is Insurance Important? If you ever get sick… Not having health insurance is the # 1 cause of bankruptcy. If you are married, have kids, or in debt… Life Insurance can help replace the income that your family depends on, or help pay off debt that your loved ones would still have.

  21. 6 Components of Car Insurance • Bodily Injury Liability • Property Damage Liability • Medical Payments • Collision • Comprehensive • Un/Underinsured Motorist Car Insurance

  22. Homework

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