Gross Income vs Net Income

The total amount of personal income prior to taxes and deductions is called

• Gross income

• Net income

The income that remains after taxes have been deducted is called

• gross income

• net income

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

You mow neighbor’s lawn

• Income

• Expense

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

You get candy from a concession stand.

• Income

• Expense

Tags

CCSS.6.NS.B.3

You download 3 songs from iTunes.

• income

• expense

Tags

CCSS.6.NS.B.3

You get allowance

• Income

• Expense

Tags

CCSS.3.OA.D.9

You run a bake sale

• Income

• Expense

Tags

CCSS.6.NS.B.3

You upgrade your iPhone

• Income

• Expense

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

Tags

CCSS.7.RP.A.3