Financial Terms and Taxes

Front

Gross Pay

Back

Total amount of money you make BEFORE deductions are taken out

Front

Net Pay

Back

Total amount of money you have to spend; AFTER deductions are taken out

Front

Deductions

Back

Money taken out of your pay check

Front

Federal Tax

Back

Tax sent to Washington DC; Pays for military, interstate highways, money given to states, etc.

Front

State Tax

Back

Tax sent to St. Paul; Pays for MN schools, roads, state patrol, etc.

Front

Medicare

Back

Federal health insurance program for people 65 and older

Front

Social Security

Back

Program that provides retirement, disability, and survivor benefits to people.