Income, Taxes and Payments Vocabulary

Front

What is Gross Income?

Back

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

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What is Payroll Tax?

Back

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

Front

What is Net Income?

Back

Net Income is the amount of money left after all deductions, including taxes, have been taken from Gross Income.

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What is Property Tax?

Back

Property Tax is a tax based on the value of owned property, usually paid to local governments.

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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 Income Tax?

Back

Income Tax is a tax levied on the income of individuals or businesses, calculated based on earnings.

Front

If you earn $2,000, what is this amount called?

Back

Gross Income.

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If you receive $1,846 after taxes, what is this amount called?

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Net Income.

Front

If you pay $154 from your paycheck for social security, what is this amount called?

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Payroll Tax.

Front

If you pay $100 for your property tax, what is this amount called?

Back

Property Tax.