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Easy Explanations - Help needed on defintions

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nrthshgrl
It goes fast. Pay attention.

Member since 7/05

57538 total posts

Name:

Easy Explanations - Help needed on defintions

I"m creating a pie chart of the breakdown of a person's check.

I need SIMPLE descriptions (for ages 8-12) to understand where the money is allocated &, briefly, the reason for the following:

Net Pay
Federal Income Tax
401K
Social Security Tax
NYS Income Tax
Medicare Tax
NY SUI/SDI Tax

Anyone bored enough to help me out?

Message edited 4/24/2007 2:55:37 PM.

Posted 4/24/07 2:53 PM
 
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chikita315
Love

Member since 8/06

7945 total posts

Name:
M-lo

Re: Easy Explanations - Help needed on defintions

May not be PC but:

Net Pay - what's leftover after THE MAN takes your money

Federal Income Tax - THE MAN

401K - What you need to have because THE MAN can't cover your retirement

Social Security Tax - Won't even pay for a gallon of milk in 20 years

NYS Income Tax - THE MAN PART DEUX
Medicare Tax - So you can wait for 3 hours to see a doctor

NY SUI/SDI Tax - Takes a year of appointments and appeals to get


Message edited 4/24/2007 4:08:44 PM.

Posted 4/24/07 3:02 PM
 

MsG
Should be working

Member since 5/05

2824 total posts

Name:
G

Re: Easy Explanations - Help needed on defintions


Net Pay - the amount left when the following deductions are taken out

Federal Income Tax: money everyone pays to the gov't in Washington DC for things like our military, science and medical research, transportation

401K: money we voluntarily put into the bank for our retirement

Social Security Tax: money everyone pays to the gov't in DC for our retirement

NYS Income Tax: money to our state capital for things like schools, state highways, state parks

Medicare Tax: money to assist the elderly with health care costs

NY SUI/SDI Tax: money to help people who can't work if they get sick

Posted 4/24/07 3:14 PM
 

Kate
*****

Member since 5/05

7434 total posts

Name:
Kate

Re: Easy Explanations - Help needed on defintions

Posted by chikita315

May not be PC but:

Net Pay - what's leftover after THE MAN takes your money

Federal Income Tax - THE MAN

401K - What you need to have because THE MAN can't cover your retirement

Social Security Tax - Won't even pay for a gallon of milk in 20 years

NYS Income Tax - THE MAN PART DEUX
Medicare Tax - So you can't wait for 3 hours to see a doctor

NY SUI/SDI Tax - Takes a year of appointments and appeals to get





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Posted 4/24/07 3:19 PM
 

nrthshgrl
It goes fast. Pay attention.

Member since 7/05

57538 total posts

Name:

Re: Easy Explanations - Help needed on defintions

Thanks! I think I'll have to go with MrsG's definitions.Chat Icon Chat Icon Chat Icon

Posted 4/24/07 3:54 PM
 

Daybreak
LIF Infant

Member since 10/06

184 total posts

Name:
Dawn

Re: Easy Explanations - Help needed on defintions

Posted by chikita315

May not be PC but:

Net Pay - what's leftover after THE MAN takes your money

Federal Income Tax - THE MAN

401K - What you need to have because THE MAN can't cover your retirement

Social Security Tax - Won't even pay for a gallon of milk in 20 years

NYS Income Tax - THE MAN PART DEUX
Medicare Tax - So you can wait for 3 hours to see a doctor

NY SUI/SDI Tax - Takes a year of appointments and appeals to get






LOVE ITChat Icon Chat Icon

Posted 4/24/07 5:15 PM
 

mtdr1106
junior supafly

Member since 3/06

2268 total posts

Name:
tricia

Re: Easy Explanations - Help needed on defintions

Posted by chikita315

May not be PC but:

Net Pay - what's leftover after THE MAN takes your money

Federal Income Tax - THE MAN

401K - What you need to have because THE MAN can't cover your retirement

Social Security Tax - Won't even pay for a gallon of milk in 20 years

NYS Income Tax - THE MAN PART DEUX
Medicare Tax - So you can wait for 3 hours to see a doctor

NY SUI/SDI Tax - Takes a year of appointments and appeals to get





LOVE IT!! Chat Icon Chat Icon Chat Icon Chat Icon

Posted 4/24/07 5:20 PM
 
 

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