Personal Finance Flashcard

Front

What is the difference between gross income and net income?

Back

Gross income is the total income earned before any deductions or taxes are taken out, while net income is the income remaining after all deductions and taxes have been subtracted.

Front

What is the importance of filing taxes?

Back

Filing taxes is important because it is a legal requirement and helps fund government programs and services.

Front

What are some common taxes on a paycheck?

Back

federal income tax, state income tax, Social Security tax, Medicare tax

Front

What is the difference between a salary and an hourly wage?

Back

A salary is a fixed amount of money paid on a regular basis, while an hourly wage is based on the number of hours worked.

Front

The things you do well are your

Back

abilities

Front

Things you like doing and that motivate you to do your best are your

Back

interests

Front

What are three kinds of taxes?

Back

Property Tax, State Tax, Income Tax

Front

How are Social Security and Medicare paid for?

Back

Through earned income of citizens taken out of gross income

Front

What do taxes pay for? Options: Local libraries, schools, clothes; Police officers, military, furniture; Schools, police officers, roads; Firefighters, local libraries, my car

Back

Schools, police officers, roads

Front

What is sales tax?

Back

The tax on the sale of goods and services