Unit 7 Vocabulary Math

money collected to help pay for things the government provides to its citizens. (Federal taxes pay for social security, national defense, healthcare, etc.) (Local taxes pay for schools, roads, healthcare, fire departments, police, etc.)

• taxes

• income tax

• payroll tax

• sales tax

money paid by an employee or business to the federal state government bases on an individual's or business' income as required by law. (Goes directly to the federal government)

• income tax

• payroll tax

• sales tax

• property tax

money collected by an employer from an employee's salary based on employee income that is paid to the federal government on behalf of the employee as required by law. (Includes Social Security and Medicare Tax)

• payroll tax

• income tax

• sales tax

• property tax

the amount of money collected by a store (retailer), in addition to a good or service that was purchased, for the local government as required by law. (Set by the local government (city, county, and state) and the money stays within local systems)

• sales tax

• income tax

• payroll tax

• property tax

the amount of money collected from a property owner based on the value of a property for the local government as required by law. (A portion of the value of the property is given to different levels of local government (school district, city, and county)

• property tax

• income tax

• payroll tax

• sales tax

money earned or received

• income

• budget

• expense

• taxes

the total amount of personal income prior to taxes and deductions.

• gross income

• net income

• budget

• expense

the income that remains after taxes and other deductions are taken from an individual's gross income.

• net income

• gross income

• budget

• income

a monthly or yearly spending and savings plan for an individual, family, business, or organization. (Categories for a budget may include net income and expenses, including savings and charitable contributions.)

• budget

• balance a budget

• expense

• taxes

to ensure the amount of income and expenditures are equivalent

• balance a budget

• budget

• expense

• income