Taxes, Income, and Balanced Budget

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What is Payroll Tax?

Back

A tax that is withheld from an employee's paycheck to fund Social Security and Medicare.

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What is Sales Tax?

Back

A tax added to the price of goods and services at the time of purchase.

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What is a Balanced Budget?

Back

A budget where total income equals total expenses, meaning no deficit.

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What is Gross Income?

Back

The total amount of money earned before any deductions or taxes.

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What is Net Income?

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The amount of money a worker takes home after taxes and deductions are subtracted from gross income.

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What is Income Tax?

Back

A tax imposed on individuals or entities based on their income.

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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 the purpose of Social Security?

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To provide financial support to individuals during retirement, disability, or death.

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What is Medicare?

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A federal health insurance program for people aged 65 and older, and for some younger people with disabilities.

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How do you calculate a Balanced Budget?

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By ensuring that total income equals total expenses.