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Personal Finance Assignment 2

1825 words - 8 pages

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Assignment 2

Instructions

Save the file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment 1R for Section 1 would be named Assignment1JRobinson.

Type the answers to the assignment's questions. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.

Review Lesson 4 of the Course Overview for ...view middle of the document...

I would also have to find an apartment, which fits my needs. I would also have to know how to manage on my own.

4. Describe an example of a common financial resource, an expense, and a debt. These can be examples from your own life or from other people you know or can imagine. (3-6 sentences. 3.0 points)

A financial resource is like a bank loan or a mortgage they are when you receive financial assistants with paying for something like a car or a divorce. Paying for utilities is a type of an expense, when you have to pay for things like water, electrical, and heating. A debt is something when you owe money to another party after taking out a loan, debts you pay after a long period of time.

5. Describe a real or made up but realistic example of earned income that you or someone you know has received. What type of work was the income from? Was the income in the form of a salary or wages? (1-2 sentences. 1.0 points)

My parents receive an earned income, meaning they work for it, unlike unearned income like child support and disability. My mom works as a Human Resources Director; she over sees all investigations in her facility and hires and fires people. My dad works as an Operations Sales Manager, so he over sees all of the different sales. They both have salary wages, so their income isn’t based on hours.

6. Describe a real or made up but realistic example of unearned income that you or someone you know has received. (1-2 sentences. 1.0 points)

Since my biological father doesn’t live with us after my parents divorced, he is required to send a child support check which is a percentage of his paycheck to pay for the expenses of raising a child. This is unearned because there is no work that my parents here have to do to receive it.

7. In your Section_2 folder, navigate to and open the Example_W-2. Use it to answer the questions below.

a. What is the name of Jessie Robinson's employer? (0.5 points)

Finance Learning Corporation

b. What is the total gross income Jessie received from this employer? (0.5 points) TIP: This is in the box labeled Wages, tips, other compensation.

$16,680.24

c. How much did Jessie's employer withhold for federal income tax from Jessie's paycheck? (0.5 points)

$1,728.00

d. How much did Jessie's employer withhold for Social Security tax from Jessie's paycheck? (0.5 points)

$1,034.16

e. How much did Jessie's employer withhold for Medicare tax from Jessie's paycheck? (0.5 points)

$241.92

f. Calculate Jessie Robinson’s net pay by subtracting the three amounts withheld for taxes from Jessie's gross pay. (0.5 points)

$251.92

8. In your Section_2 folder, navigate to and open the Example_1040EZ, and then complete the steps below to save a copy of the file with your initials in your Section_2 folder.

a. Click the File menu, and then Click Save a Copy.

b. If a Save a Copy dialog box appears, click Save a Copy.

c. Make sure the Save in...

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