Income
Money you earn from a job, savings interest, or profits.
What is income?
A required payment made to the government for services like schools and roads.
What is a tax?
The total you earn before deductions.
What is gross income?
Putting money into your account.
What is a deposit?
A plan for spending and saving money.
What is a budget?
This type of income is the total amount before taxes.
What is gross income?
A tax on retail products, based on a percentage of the cost.
What is a sales tax?
The money left after taxes and deductions.
What is net income?
Taking money out of your account.
What is a withdrawal?
A budget is balanced when these two are equal.
What are income and expenses?
This type of income is what you actually take home after deductions.
What is net income?
This tax is withheld from your paycheck and funds Social Security & Medicare.
What is a payroll tax?
Andres works 15 hours at $8/hour. His gross income is this amount.
What is $120?
This method allows you to buy now and pay later.
What is a credit card?
Fixed expenses do this.
What is stay the same?
Payments received for labor or services, also called wages or a salary.
What is earned income?
Tax paid on the value of land or a house you own.
What is a property tax?
Andres’ net income is less than this amount.
What is $120?
These two are linked to your bank account and work like cash.
What are a debit card and check?
Variable expenses do this.
What is change depending on needs or wants?
If you earn $500 and $80 is deducted for taxes, your net income is this amount.
What is $420?
Every year before April 15th, families file this type of tax.
What is an income tax?
Mrs. Dominguez earns $500 but only brings home $420. Explain why.
Because taxes and deductions were taken out.
Money borrowed from a bank that must be paid back with interest.
What is a loan?
Lucia’s net income is $2,438, and her known expenses total $2,335. The “other” category must equal this amount to balance her budget.
What is $103?