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Financial Literacy

Income Tax is money paid to the federal government based on your income, how much money you earn.
Property Tax Is money that is paid to the local government on real estate. Buildings, homes and land are considered real estate.
Pay Roll Taxes is tax that is paid to the federal government. They are deductions from pay for income tax, social security tax, and Medicare tax.
Sales Tax is a tax that is paid by consumers on purchased goods and on some services
Gross Pay is how much you make before taxes and deductions are taken out
Net income is calculated by starting with the gross income amount on a paycheck and then subtracting all the taxes paid to the government. What you bring home.
Check is a piece of paper that is used to make a payment to someone using the money in a bank account
Debit Card a small plastic card that is used to buy things by having the money to pay for them taken directly from your bank account
Credit Card a small plastic card hat is used to buy things that you agree to pay for later
Budget an amount of money available for spending that is based on a plan for how it will be spent
Balanced Budget is the process where the total income is greater than or equal to the total of expenses.
Created by: debwreid
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