Financial Literacy

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What is Income Tax?

Back

A percentage of an individual's income that is paid to the government.

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What is Tax?

Back

Money required of individuals and businesses to fund government services.

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What is Gross Income?

Back

The total amount of money earned before any taxes are deducted.

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What is a Budget?

Back

A plan for how money is used, including income and expenses.

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What is Net Income?

Back

The amount of money earned after taxes have been deducted.

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What is Payroll Tax?

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A tax that employers withhold from employees' paychecks to fund social security and Medicare.

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What is Property Tax?

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A tax based on the value of owned property, usually paid to local governments.

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What is Sales Tax?

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A tax added to the price of goods and services at the point of sale.

Tags

CCSS.6.RP.A.3D

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What is a Paycheck?

Back

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

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What is a Savings Account?

Back

A bank account that earns interest on the money deposited.