Personal Finance

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What is gross income?

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Gross income is the total amount of money earned before any deductions, such as taxes or healthcare costs, are taken out.

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What is net income?

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Net income is the amount of money left after all deductions, such as taxes and healthcare, have been subtracted from gross income.

Tags

CCSS.7.RP.A.3

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What is a budget?

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A budget is an estimate of income and expenses over a specific period, helping individuals plan their finances.

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What is income?

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Income is the money earned from working or providing services.

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What are deductions?

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Deductions are amounts that are subtracted from gross income, such as taxes and healthcare costs.

Tags

CCSS.7.RP.A.3

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What is property tax?

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Property tax is a tax paid on land or buildings owned by an individual or business.

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What is payroll tax?

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Payroll tax is the money that employers pay to the government based on the wages of their employees.

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What is sales tax?

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Sales tax is a tax imposed on the sale of goods and services, usually calculated as a percentage of the sale price.

Tags

CCSS.6.RP.A.3B

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What is the difference between gross income and net income?

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Gross income is the total earnings before deductions, while net income is what remains after all deductions are taken out.

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Why is it important to have a budget?

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Having a budget helps individuals manage their money, plan for expenses, and save for future goals.