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Income Vocabulary

8th grade FACS: Income Vocabulary

TermDefinition
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