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The goal of this unit is to understand the importance of earning an income and explain how to manage personal income using a budget For the 2 weeks, write everything you spend down? Can you see a pattern in your spending habits? What did you need? What did you want? Categorize how your money is currently spent. What are your financial goals? Deductions: Anything subtracted from your gross income. Gross income: Wages or salary before deductions for taxes and other purposes. Your net income is commonly called your “take home pay;” it is your income after all deductions and exemptions. For example, if your supervisor said you would earn $10 an hour and you worked 20 hours, your gross income would be $200 (that’s $10 x 20 = $200). Health, dental, and eye care insurance Life insurance Disability insurance Pension plan Registered retirement savings plan CPP/QPP OAS Income TAX ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ Paid vacation days Paid sick days Health, dental, and eye care insurance Life insurance Disability insurance Pension plan Registered retirement savings plan Parental leave Stock purchase plan Employee assistance plans Employee fitness programs Employee discounts Scenarios Who is the employer? Who is the employee? What is the pay period? What does YTD mean? What are the deductions for the employee? What was the net pay? Answer questions pertaining to pay stubs. Navine Nesrallah has worked for nine years in retail sales. She is considering going back to school to change career fields. What factors should be considered before making this decision?