Family+Economics

__a. income-__ money received regularly for doing your job or some sort of work __b. deduction-__ subtracting an amount of money for something like taxes __c. income tax-__ a tax from the government on your income that you receive __d. payroll tax-__ a tax from the government for the salary a company or workplace pay its workers __e. Medicare-__ a health insurance for the elderly or disabled __f. Social Security-__ a government system that helps out the people who don't have a good income or people that are disabled __g. mortgage- an interest on property as security for the repayment of money that you've borrowed h. property tax- a tax on real or personal property i. utility-__ stocks/bonds of public utilities or being useful __j. insurance- k. credit- something used so that the person buying an item can buy something without immediate payment l. 401k- a saving plan that lets employees to put a certain amount of their income into a retirement account and defer taxes until withdrawal m. pension-__ a regular payment from the government to people in or above retirement __n. deductable (noun)-__ an amount of money which the insured is liable on each loss, injury, before an insurance company will make payment
 * 1. Definitions:**

2. Wisconsin Income Tax Levels:
Federal income taxes, and State income taxes

3. Income Tax:
__Income__ __Income Tax__ $35,000 $1,960 = 5.6% $75,000 $7,660 = 10.2% $111,000 $15,420 = 13.8% $1,000,000 $309, 360 = 30.9%

As your income increases, you need to pay more, but you also have to pay a larger percentage for your income tax. The people that get more money can find loopholes, but they're really supposed to pay a bigger percentage than the people who make less money at their job.

5. Factors in Car Insurance
How old you are How many tickets you have gotten in your life How bad the accident is What condition your car is already in

6. Types of Taxes:
Sate and local tax Property tax Federal tax

7. Factors in Groceries:
If you're an athlete If you diet How much money you have to spend If you have coupons

9. Factors in Water Bills:
How hot you like your shower How long you take in the shower If you wash the dishes by hand or by the dishwasher How big your house is

10. Factors in Electric Bills:
What kind of light bulbs you use If you leave cords plugged in If you leave lights on when you leave the room If you leave your computer on 24/7