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Unit Two

Taxes and my salary

QuestionAnswer
Tax A required payment to the government.
FICA Federal Insurance Contributions Act.
Medicare A social insurance program that extends health coverage to almost all Americans aged 65 and over.
Social Security A federal retirement program in which the working generation contributes to support retired workers, survivors, and the disabled.
Net monthly income (NMI) The amount of pay left after all deductions; taxes, FICA, and medicare are taken out.
Gross monthly income (GMI) the amount of pay per month prior to any deductions being taken out.
Gross Annual Income (GAI) The total amount of pay for a year prior to any deductions.
Social Security Number A number assigned to individuals to keep track of you and your earnings throughout a lifetime.
What are the three main types of taxes? Income tax, sales tax, and property tax.
The purpose of taxes are improve roads, support government, and pay retirement benefits.
Net annual income (NAI) Amount of income remaining to spend in a year after all deductions have been made.
Created by: Simryla