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Personal Finance 1

TermDefinition
Gross Pay total amount you earn before deductions
Deductions amount subtracted from your gross pay (income tax & social security)
Net Pay Amount left after deductions are taken out (gross pay-deductions=Net Pay)
Employee Benefits offered to employee over and above what they receive as a salary
Tax a required payment by a taxpayer mandated by the gov
IRS Internal Revenue Service (collect income taxes and enforce tax laws)
Unearned Income Getting $ without having to work for it directly
Earnings money you have made
Tax Bracket range of income subjected to certain income tax rates
Tax Return form filed with a tax authority that reports income, expenses, and other pertinent tax info
Created by: 25cassityh
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