Stewardship Lesson #11 Learning Bookkeeping Parents & students need to understand bookkeeping principles & how - to's to be successful in managing finances. The following information is designed for a 3-4 day period, or longer of needed. During this time period the student will be keeping an entire set of books for a two-month period. Income Statement You are an Engineer for a major corporation. Your gross (that means before any taxes are taken or anything is paid from the money you earn) wages are $52,000 per year. To determine how much you will take home each month, you need to divide $52,000 by 12 (there are 12 months in a year). Your total should equal $4,333.33 per month. This is still considered your gross income. To determine your net income (taxes have to be taken from your gross income. A net income is the amount you really get to take home), subtract 18% of your gross monthly income. To do this take $4,333.33 times 18%. The subtract the ...
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