Family+Economics+Exercise

Income- a amount of money that comes in return for services or jobs that you have done, from selling goods, land/ property, or it is from a profit financial investments
 * 1. Define**

Deduction- taking money out of a bank, savings, or from taxes

Income tax- a tax from the government that comes out of your income

Payroll tax- a tax from the government against the amount of wages and salaries workers are paid

Medicare- a funded program for people 65 and over and for certain disabled people under 65 that gives them insurance, and medical insurance

Social security- a program of old-age, unemployment, health, disability, and survivors insurance maintained by the U.S. federal government through compulsory payments by specific employer and employee groups.

Mortage- a interest in property as security for the repayment of money that you have borrowed

Property tax- a tax on real or personal property

Utility- stocks or bonds of public utilities

Credit- a device used so that the purchaser of an item can buy something without immediate payment

401K- a savings plan that lets employees to put a certain amount of their income into a retirement account and to defer taxes until withdrawal

Pension- a certain amount of money, other than wages, paid at regular intervals to a person or to the person's surviving dependents in consideration of past service, age, merit, injury or loss sustained

Deductible (noun)- an amount of money which the insured is liable on each loss, injury, before an insurance company will make payment

Federal income taxes, and State income taxes
 * 2.** In the state of wisconsin we pay income tax to two levels of government which are...

$35,000.00 -1,960.00 $75,000.00 -7,660.00 $111,000.00 -15,420.00 $1,000,000.00 -309,360.00
 * 3. Income Income Tax**

As the income increases the income tax also inceases, and you have to pay a larger percentage of the income tax. If you have more money you will have to pay more for your income taxes, and the people who make less money will have lower income taxes.

You accident record If and how many speeding tickets you have gotton How old you are What kind of health you are in
 * 5.** Four factors that affect the cost of auto insurance are...

Property tax Federal taz Sate and local tax
 * 6.** Four types of tax people have to pay are...

How high gas costs What the weather is like Where the food comes from The economy
 * 7.** Factors that affect the prices of groceries are...


 * 8.

9.** Factors that affect your water bill are... Taking longer showers than needed Watering your grass constantly Letting water run while you are brushing your teeth or doing the dishes/ leaving the water on when it is not being used When it rains it help because then you wont have to water your flowers or your grass out side Doing laundry all the time

Leaving lights on when you are not in a room Leaving this on such as tv's, or radios when you are no using them Having a cord plugged in even whebn the item is no connected to the cord, or the item is off Letting your computer stay on over night, and rarely turning it off Sleeping with fans on
 * 10.** Factors that affect you electric bill are...