Georgia standard · Social Studies

`SSEPF2`Income Budgeting Basics

Analyze income as a scarce resource that can be allocated effectively through budgeting.

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Expectations

SSEPF2a
Compare different types of income including hourly wages, salary, tips, independent contractor services (Form 1099), dividends, and capital gains.
SSEPF2b
Review and complete a sample federal individual income tax form 1040.
SSEPF2c
Describe the basic components of a paystub including gross pay, net pay, and common deductions (i.e. federal and state income tax, Federal Insurance Contributions Act (FICA which includes Social Security and Medicare), and elective deductions like 401K, insurance and tax-deferred savings).
SSEPF2d
Analyze the basic components of a personal budget including income, expenses (fixed and variable), and the importance of short-term and long-term savings.
SSEPF2e
Explain how to reconcile a checking account, either online or on paper, including how to account for transactions that have not been posted (i.e. checks, weekend debit card transactions, or monthly auto-pay transactions) and how this helps avoid overdraft fees.
SSEPF2f
Describe how to determine a person’s net worth.

No Georgia Milestones blueprint cites this standard.