Personal Financial Literacy

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What is payroll tax?

Back

Payroll tax is a tax that is taken directly from an employee's paycheck to fund social security and Medicare.

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What is net income?

Back

Net income is the amount of money you take home after taxes have been deducted from your gross income.

Front

If Billy saves $4 each week, how much will he save in 5 weeks?

Back

Billy will save $20 in 5 weeks.

Front

What is income tax?

Back

Income tax is a tax that you pay on the money you earn, typically calculated annually.

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What is property tax?

Back

Property tax is a tax paid by property owners based on the value of their property.

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What is gross income?

Back

Gross income is the total amount of money earned before any deductions, such as taxes.

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What is sales tax?

Back

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

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What is the purpose of taxes?

Back

Taxes are used by the government to fund public services and infrastructure, such as schools, roads, and healthcare.

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What is an allowance?

Back

An allowance is a set amount of money given regularly, often to children, to manage their spending and saving.

Front

How can you budget your money?

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You can budget your money by tracking your income and expenses, setting spending limits, and saving for future goals.