PCC Finance Unit #1

Front

gross income

Back

wages or salary BEFORE any deductions are taken out

Front

net income

Back

take home pay - money you actually receive AFTER deductions are taken out

Front

annual income

Back

the amount of money you make in a year

Front

income tax

Back

a portion of your earnings that go to the government

Front

sales tax

Back

the tax you pay on items you purchase

Front

property tax

Back

the tax you pay that is based on the value of your home NOTE: Other property, such as vehicles and motor homes are also taxed

Front

This tax goes to the federal government to provide HEALTH CARE coverage to most Americans age 65 and older

Back

Medicare Tax

Front

This federal tax goes to a social insurance system for most Americans who are retired, sick, or too disabled to work (and to families of workers who have died).

Back

Social Security

Front

A fee received (or paid) for the use of money.

Back

interest

Front

The amount of money originally invested (or borrowed).

Back

principle