Budgeting Project

Budgeting Project Important Vocabulary

​https://youtu.be/esaE7_CrQ1U

​Gross Income

​the full amount of money you earn before deductions and taxes

​net Income

​the amount of money you make after taxes and deductions

yearly/Annual salary

the amount of money a company pays you in exchange for the job you do during the year

​https://youtu.be/5uSPSj-mmJA

federal income tax

A system administered by the IRS which collects money based on earned income. Federal income tax is collected through a withholding process where the employer deducts tax from the employee payroll.

federal income tax

​Things that are included in a federal income tax:​

Medicare tax- ​, which includes hospital insurance for individuals age 65 or older and people who have certain disabilities or medical conditions.

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Social Security tax- Your job pays this to support Retired individuals Widows and widowers Individuals with disabilities Children and survivors of individuals

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​https://youtu.be/uaUbupH9Xh0

Fill in the Blanks

The amount of money you take home AFTER taxes & deductions are taken out is called your

income.

Fill in the Blanks

The full amount of money you earn BEFORE taxes & deductions are taken out is called your

income.

Multiple Select

What are two taxes taken out with Federal Income Tax?

• Social Security

• Medicare

• Dental Tax

• Property Tax