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Career Choices and Taxes

Career Choices and Taxes. From Foundations in Personal Finance by Dave Ramsey. Money Facts. Less than 39% of people under the age of 25 are satisfied with their jobs ~ MSNBC According to one study, 4 out of 5 Americans do not have their dream job. ~careerbuilder.com

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Career Choices and Taxes

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  1. Career Choices and Taxes From Foundations in Personal Finance by Dave Ramsey

  2. Money Facts • Less than 39% of people under the age of 25 are satisfied with their jobs~ MSNBC • According to one study, 4 out of 5 Americans do not have their dream job.~careerbuilder.com • Only 15% of teens know how income taxes work~Charles Schwab Survey

  3. Money Facts • One survey reports that only 69% of teens believe that the amount of money they can make will influence the career they choose.~ Charles Schwab Survey • About 73% of teens believe they will be earning plenty of money when they are out on their own.~Charles Schwab Survey • The median annual household income is $48,201~U.S. Census Bureau • Based on the career that most interests them, teens believe they will be earning an average annual salary of $145,500 (male teens expect to earn $173,000; females teens, $114,200)~Charles Schwab Survey

  4. The DISC Profile • The DISC profile is a personality profile you can use to determine your personality strengths/weaknesses and then determine an occupation to which you might be suited.

  5. The DISC Profile • The Dominant person is hard-charging driver that is task oriented; also known as Drivers • 10% of the population fall into this category • Takes charge • Likes power • Bold • Can hurt feelings • Can turn people off • Overlooks details sometimes • Fast-paced, task oriented

  6. The DISC Profile • The Influencing person is people-oriented, fun, outgoing, and generally concerned about people-pleasing; also known as Expressives • 25% of the population fall into this category • Good talkers • Outgoing • Entertains others • Impulisive • Can waste time • Won’t be quiet • Loses sight of the task

  7. The DISC Profile • The Stable person is amiable, loyal, does not like conflict; also known as Amiables • 40% of the population fall into this category • Steady • Loyal • Calm • Understanding • Slow to act • Low profile • Can seem unenthusiastic

  8. The DISC Profile • The Compliant person is analytical, loves detail, factual, can seem rigid; also known as Analyticals • 25% of the population fall into this category • Loves detail • Very logical • Factual • Can seem rigid • Resistant to change • Too serious

  9. Taxes, Deductions, Withholdings • Federal income tax is used to support government programs • State income tax is used to support state services • FICA (Federal Insurance Contribution Act) pays for benefits that workers and families receive for either Social Security or Medicare. • Social Security pays for benefits under the old-age survivors and disability insurance part of the act • Medicare pays for benefits under the hospital insurance part of the act.

  10. Taxes, Deductions, Withholdings • Sales tax is used by states as a source of their income and each state sets its own tax rate • Taxes on cars, clothing, movie tickets, groceries are subject to sales tax in Alabama • Excise tax is levied on certain goods produced within a country and is sometimes referred to as luxury tax. • This tax is used by both state and federal governments and includes taxes on items such as gas, beer, liquor, cigarettes • Property tax is the main source of revenue for local governments • Taxes on land, private homes, and business property are examples of this type of tax • Some states tax certain types of personal property, which might include cars, boats, and recreational vehicles. • Taxes on wealth include inheritance, estate, and gift taxes

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