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5th Finance Lit

Personal Finance Literacy

TermDefinition
A tax paid by the employee on the money that the person or business receives as income. Income Tax
A tax an employer withholds from an employee’s salary (paycheck) to pay on the employee’s behalf. Payroll Tax
A tax paid on the purchase of goods or services and collected by the seller. Sales Tax
A tax based upon real property owned. It is paid directly by the owner. Property Tax
The difference of the total amount earned and the cost of expenses (including taxes). Net Income
The total amount of money you earn BEFORE cost of all expenses or taxes. Gross Income
Created by: cehicks23
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