Homework is:
1. The test on Money and Banking and the Role of Government in the Economy is on Tuesday, November 20th. Study guide and study page is available on the blog!
2. For tomorrow - complete pages 55-59 in your Junior Achievement workbook. I have an example below to help...
Mr. M finished graduate school and became a teacher in 1996. His first teaching job paid $25,000 as an annual salary.
GAI (stands for Gross Annual Income) $ 25,000
GMI (stands for Gross Monthly Income
just divide the GAI by 12) $ 2,083.33
Monthly Federal Income Tax $ 259
Monthly Social Security (FICA) $ 132
Monthly Medicare $ 26
TOTAL MONTHLY DEDUCTIONS $ 417 (simply add your Fed Inc Tax, FICA, and Medicare)
Mr. M's NMI (Net Monthly Income) = (GMI - deductions) $2,083.33 - $417 = $ 1,666.33
NMI - $ 1,666.33
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