Financial Literacy TEKS 5.10

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What is Gross Income?

Back

Gross Income is the total amount of money earned before any deductions such as taxes or insurance.

Tags

CCSS.7.RP.A.3

Front

What is Net Income?

Back

Net Income is the amount of money a person takes home after all deductions have been made from their gross income.

Front

How do you calculate Gross Income?

Back

Gross Income is calculated by multiplying the hourly wage by the total hours worked.

Tags

CCSS.7.EE.B.3

Front

What is a deduction?

Back

A deduction is an amount that is subtracted from gross income, such as taxes or insurance premiums.

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

Front

What is a paycheck?

Back

A paycheck is a document that an employer gives to an employee as payment for work done.

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

Front

What is a processing fee?

Back

A processing fee is a charge that may be added to a payment method, such as when using a check or credit card.

Front

What does it mean to have insufficient funds?

Back

Insufficient funds mean that there is not enough money in an account to cover a payment.

Front

What is a credit card?

Back

A credit card is a payment card that allows the holder to borrow funds to pay for goods and services.

Front

What is a debit card?

Back

A debit card is a payment card that deducts money directly from a checking account to pay for a transaction.

Front

What is payroll tax?

Back

Payroll tax is a tax that employers withhold from employees' wages to fund social security and Medicare.