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Income Vocabulary
8th grade FACS: Income Vocabulary
| Term | Definition |
|---|---|
| abilities | the things you do well |
| aptitudes | your natural talents |
| income | money received on a regular basis for work or through investments |
| interests | the things you like and enjoy doing |
| values | the ideals that are important to you and your career choice |
| Gross Annual Income (GAI) | Total pay or earnings made over a one-year period before any deductions have been taken. |
| Gross Monthly Income (GMI) | Total amount of earnings made over a month before any deductions. |
| Income Tax | A portion of one's personal income paid to a government. |
| Medicare | A social insurance program that extends health coverage to almost all Americans age 65 and over. |
| Net Annual Income (NAI) | Income amount remaining after a year's worth of deductions have been taken. |
| Net Monthly Income (NMI) | Amount of monthly income remaining after all deductions have been taken (sometimes referred to as take-home pay). |
| Social Security | A social insurance system that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died. |
| Taxes | Required payments to the government |
Created by:
mnunn
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