Download Finance Career Cluster Performance Indicators Explained

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Transcript
your fair share while taking advantage of tax benefits. The types of taxes include income,
Social Security, sales, wealth and property taxes, as well as user fees.
One can use several strategies to reduce tax liability. First, it is important to understand the
current tax laws and how they affect you and your financial goals. Second, maintain
complete and accurate tax records. Finally, learn and understand the types of taxes and how
to make sound financial decisions, keeping taxes in mind.
Sources:
Kapoor, J. R., Dlabay, L. R., & Hughes, R. J. (2007). Personal Finance. Woodland Hills, CA:
Glencoe/McGraw-Hill.
Kimbrell, G. & Vineyard, B. S. (2008). Succeeding in the World of Work. New York, NY:
Glencoe/McGraw Hill.
Explain how to interpret a paystub.
Your paystub includes many important things, starting with your name and social security
number. It lists the current pay period. Your current and year-to-date earnings, taxes, and
deductions are listed. Current earnings may be described with your hourly rate, the number
of hours worked, and your gross earnings (calculated by multiplying your hourly rate by the
number of hours worked).
Taxes that may be withheld from your gross pay include Federal, State, Local, FICA (Social
Security), and Medicare. Other deductions might include union dues and money withheld for
fringe benefits, such as health insurance. Net pay is your gross earnings less taxes and
deductions.
Source: Kimbrell, G. & Vineyard, B. S. (2008). Succeeding in the World of Work. New
York, NY: Glencoe/McGraw Hill.
Describe how to prepare bank account documents.
A checkbook register is a booklet that you fill out for all deposits and withdrawals from your
checking account. Included are sections for the check number, date of transaction,
description, payment amount, reconciliation, deposit amount, and new balance on the
account. You will use the checkbook register to reconcile your bank statement when it
comes.
Writing a check involves writing the date, the name of the payee, the amount of the payment
in numerals as well as in words, your signature, and a memo if you choose. When you are
cashing or depositing a check made out to you, start by endorsing the check by signing the