Annual Personal Finance Goals

ANNUAL PERSONAL FINANCE GOALS

For each of the sections that follow, students may be required to analyze, recall, explain, interpret, apply, or evaluate the particular concepts being taught.

EMPLOYEE COMPENSATION

 compute earnings according to hourly and overtime wages, piece-rate wages, and commission  compute loss of pay for tardiness to work

PAYROLL DEDUCTIONS

 explain the responsibilities of the Federal government, the IRS, the employer, and the employee with regard to Federal Income Tax Withholding  compute and/or verify the Federal Income Tax, PA State Income Tax, social security, Medicare, and local wage tax deductions when given the appropriate information or pay stub to interpret

BANKING

 use different formulas and charts to find simple and compound interest  describe different types of savings investments  correctly write and endorse a check  reconcile a checkbook balance with a monthly bank statement

CREDIT

 compute monthly balances and finance charges using the adjusted balance method and the average daily balance method  interpret a credit card statement  solve installment credit problems

INCOME TAX

 explain the purpose of the W-4, W-2, 1099-INT, and 1099-DIV forms  complete Federal Income Tax forms 1040-EZ, 1040-A, and Schedule 1  complete a PA40-EZ and local (Peters Twp.) tax return

APARTMENTS

 explain the rights and responsibilities of the landlord and tenant  solve problems about security deposits and rent increases  solve area and perimeter problems relating to floor plans

HOUSING

 compute the major costs associated with the purchase of a home  compute the amount of principal and interest paid for any given month of a mortgage  compute real estate taxes when the rate is expressed in mills TRANSPORTATION

 compute the monthly payment, the total repaid, and the total interest paid for a car loan  explain six basic car insurance coverages  identify which insurance covers a specific situation  compute a fair price on a new car  compute fuel costs