Income Assessment JA Financial Park

Gross income is also known as take-home pay.

• True

• False

If my Gross annual income is $12,000 my gross monthly income would be________

• $120

• $1200

• $1000

• $2000

Net Income is also known as take-home pay.

• True

• False

Gross Monthly Income (GMI) is your monthly income before taxes and deductions.

• True

• False

Who pays taxes?

• Most people who have a job

• Most people who purchase items

• Most people who own property

• All of the above

What are the three main types of taxes?

• Income, sales, and property

• Unemployment, sales, and property

• Federal income, unemployment, and state

• Sales, property, and unemployment

Who pays into Social Security?

• Employees

• Self-employed

• Employers

• All of the above

Federal, Social Security, and Medicare are all types of taxes.

• True

• False

The amount of earnings made over a one-year period after all deductions, is known as

• Gross annual income

• Gross monthly income

• Net annual income

• Net monthly income

The total amount of earnings made over a month, before any deductions, is known as

• Gross annual income

• Gross monthly income

• Net annual income

• Net monthly income