Transcript 2.04 Income
2.2.4.G1 What is Income? Income – money received © Take Charge Today – August 2013 – Income and Expense Statement – Slide 1 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.2.4.G1 Income Categories Earned income – any money earned from work Unearned income – income received from sources other than employment Received Income from Government Programs – offer a form of income, usually temporary What income category is represented on your card? © Take Charge Today – August 2013 – Income and Expense Statement – Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.2.4.G1 Earned Income Wages or salary before deductions Any money earned from working for pay Commissions/ tips/bonuses Tax refunds © Take Charge Today – August 2013 – Income and Expense Statement – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.2.4.G1 Gross Income vs. Net Income Evan earns $1600.00 before taxes Evan’s paycheck is worth $1277.60 This is his net income This is his gross income Net Income Employer Address City, State Zip Code Recorded in the income section of the statement Evan Jones $1277.60 One-thousand seventy seven dollars and 60/100 © Take Charge Today – August 2013 – Income and Expense Statement – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Employer 2.2.4.G1 Unearned Income Interest earned during time period Income received from sources other than employment Money earned from investment during time period Sales of assets Money from savings and investments to help pay expenses during time period Using savings and asset sales are not sources of income you can rely upon in the next time period! © Take Charge Today – August 2013 – Income and Expense Statement – Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.2.4.G1 Unearned Income Scholarships/ grants from nongovernment sources Income received from sources other than employment Money from others Child support © Take Charge Today – August 2013 – Income and Expense Statement – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Received Income from Government Programs May offer a form of income, usually temporary Government programs such as workers compensation Scholarships/grants from government sources Place a checkmark next to income that you have © Take Charge Today – August 2013 – Income and Expense Statement – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.2.4.G1 2.2.4.G1 Practice Income Card Income Activity © Take Charge Today – August 2013 – Income and Expense Statement – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona