Objectives:

Calculating income tax for earned wages

Create and organize financial assets and liabilities record

Construct a net worth statement

Assignments:

*You Can't Hide from Taxes worksheet is due Friday, August 30, 2019. Students must use the income tax table on the page titled Activity 7.1-2 that was handed out on Monday to complete this assignment.

Vocabulary:

Earned wages – the amount an individual earns over given period of time
Financial asset – an object or item of value that one owns
Financial liability – an unpaid or outstanding debt
Fluency – efficient application of procedures with accuracy
Income tax – a percentage of money paid on the earned wages of an individual or business for the federal and/or state governments as required by law
Net worth – the total assets of an individual after their liabilities have been settled
Sales tax – a percentage of money collected by a store (retailer), in addition to a good or service that was purchased, for the local government as required by law