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Understanding Taxes Government Spending and Pay St

Explored government spending in 2021, guessing top expenses like healthcare, insurance, and education. Reflected on why these priorities make sense given the population's needs and challenges in personal financial management.

Mason Bennett
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Math4Unit 1 Day1-Taxes andYour PayStubWarm Up:What were the top 5 expenses the government paid for with our tax dollars In 2021? If you don t know- makesome educated guesses!-Health care-Insurance-Taxes-Rent/pro petty expenses-EducationFollow Up Questions to Warm Up:1.Are you surprised by the top 3 categories the Federal government spends taxpayer money on? Explain.Not, really since most of the U.S the entire population of people are made of people who don't manage theirmoney properly. So most of the U.S spends their money on needs like healthcare, I was surprised to see howu n e m p l o y m e n t and labor was spent, but at the same time not really since we have a high level of u n e m p l o y m e n t . Thelast category wasn't much of a shock since we ve spent a lot on weapons and aiding countries.2.How would you adjust the spending allocation across these categories Iif at all)? Why?Have a budget that can be adjusted when needed.3.W hat to p th ree He ms do you t hin k t he go vern ment w ilI spen d tax dol lars on in te n yea rs? How m uch par item?Why?Climate change about a few billion dollars a yearNational debt trillions a yearEducationIf Paychecks Could Talk1.What does FICA consist of?a.Health Insuranceb.Social Security & Medicarec.Federal £ State Taxesd.Em ploye r Sponsred Retire ment2.W hat are 2 exa m p les of disc retio nary spe ndln g?a.Social Securityb.Educationc.Militaryd.Medicare3.All of the following options are benefits we receive as a result of government spending EXCEPT...a.Airqualityb.Credit card debt forgivene ss
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