Financial Literacy

Front

What is Gross Income?

Back

Gross Income is the amount of money you make BEFORE taxes get taken out.

Front

What is Net Income?

Back

Net Income is the amount of money you make AFTER taxes get taken out.

Front

If Lisa makes $1,236 a week and receives $901 after deductions, what type of income is this?

Back

This is Net Income.

Front

What is Income Tax?

Back

Income Tax is a yearly tax that the government collects from a person's earnings.

Front

What does it mean to Withdraw money?

Back

To Withdraw money means to take money out of your bank account.

Front

What is a Deposit?

Back

A Deposit is money added to your bank account.

Front

What is Payroll Tax?

Back

Payroll Tax is a tax taken from an employee's salary to fund social security and Medicare.

Front

What is Property Tax?

Back

Property Tax is a tax based on the value of owned property.

Front

What is Sales Tax?

Back

Sales Tax is a tax added to the price of goods and services at the time of purchase.

Front

What is a Paycheck?

Back

A Paycheck is a document that an employer gives to an employee as payment for work done.