How to Earn It
Money that you make if someone pays to live in a house that belongs to you.
Rental income
The government group that takes taxes and gives tax refunds.
IRS (Internal Revenue Service)
A plastic card that you use to buy things now with money that you borrow and then you pay for it later.
Credit card
The money you would have received from your job before taxes and deductions.
Gross wages
A document from your employer that breaks down how much you have paid in taxes at your job.
W2
Money you get from not working. Money from a gift, inheritance, the lottery, gambling, or if you win it in some other way.
Windfall income
This money is taken from you your whole life and paid back to you when you retire. A mandatory income tax. This is required to be paid. It comes out of the money you get from your job (income tax).
Social Security (FICA)
A plastic card that you use to buy things and when you swipe it the money comes directly out of your checking account.
Debit card
The amount of money you receive on your paycheck after taxes and deduction are taken out. This is your take home pay.
Net pay
People that depend on you like your children. The more dependents you have, the less tax you pay
Dependents
Money that is given to someone.
Gift
When money is taken out of your pay by the government to pay your debts such as child support or late taxes.
Garnishments
A card to a specific store with a specific amount of money. If you do not use it for a long time you can be charged an inactivity fee.
Gift card
A piece of paper from your job that says how much money you made and all of the taxes and deductions that were taken out.
Pay stub or earning statement
If you pay too many income taxes in a year you can get money back from the government.
Tax refund
Extra things you get from your job besides money
Employment benefits
In society, we use credit cards, debit cards, checks and electronic payments instead of cash.
Cashless society
A piece of paper you can buy that is good for a specific amount of money.
Money order
Money that is taken by the government
Tax
Paying less tax. When you have more dependents (children) you will be exempt from (not have to pay) as much taxes.
Exemptions
The money you earn from selling something
Profit
How prices go up over time. Things will cost more in the future than they cost now.
Inflation
Transferring money online or through a computer
Electronic transfer
The government group that is over all of the money in the United States. They are in charge of the IRS who collects taxes and they also are in charge of coining money (printing dollars bills and making coins).
United States Treasury Department
DAILY DOUBLE: What are three levels of government that can tax your paycheck? Points for each correct answer.
Federal, state, local, municipal