Taxes & Financial Responsibility
A document showing your pay and deductions.
Pay Stub
What you take home after taxes (a.k.a. “take-home pay”).
Net Income
A way to grow your credit score
Credit card
Money earned from work or investments.
Income
The fixed amount of money paid to an employee for their work.
Salary
A deduction on your earnings
Tax
Total income before taxes and deductions.
Gross Income
Used to save money and earn interest.
Savings Account
Money spent on goods or services.
Expense
Money taken out of your pay for taxes, insurance, or retirement.
Paycheck deductions
A form showing how much you earned and how much tax you paid.
W-2 Form
A specific plan for what you want to achieve with money
Financial Goal
A number showing how trustworthy you are with credit.
Credit Score
A plan for how to spend and save money.
Budget
The amount of money needed to cover basic expenses in a certain area.
Cost of Living
A tax on land or buildings you own.
Property Tax
Nonessential expenses (e.g., entertainment).
Discretionary Spending
A summary of your credit history and payment habits.
Credit Report
The cost of borrowing money or the reward for saving it.
Interest
What you give up when choosing one option over another.
Opportunity Cost
A government program that provides income to retirees.
Social Security
Saving a portion of income before spending.
Pay Yourself First (needs).
The yearly cost of borrowing money.
Annual Percentage Rate (APR)
Money saved for unexpected events.
Emergency Fund
The amount you actually take home after deductions.
Net pay