Financial Literacy

Income Tax

• taxes paid by employee based on their paycheck

• money added to the cost of a good or service

• money paid in the portion of the value of property

• Taxes taken out of an employees paycheck by their employer

Gross Income

• income that is left after taxes

• money added to the cost of a good or service

• money paid in the portion of the value of property

• total income before taxes

Net Income

• income that is left after taxes

• money added to the cost of a good or service

• money paid in the portion of the value of property

• total income before taxes

Property Tax

• income that is left after taxes

• money added to the cost of a good or service

• money paid in the portion of the value of property

• total income before taxes

Budget

• A plan on what you will spend or save in a certain period of time

• How much money you gain

• When expenses and income are equal

• How much money you lose

Balanced Budget

• A plan on what you will spend or save in a certain period of time

• How much money you gain

• When expenses and income are equal

• How much money you lose

Expenses

• A plan on what you will spend or save in a certain period of time

• How much money you gain

• When expenses and income are equal

• How much money you lose

Income

• A plan on what you will spend or save in a certain period of time

• How much money you gain

• When expenses and income are equal

• How much money you lose

Sales Tax

• income that is left after taxes

• money added to the cost of a good or service

• money paid in the portion of the value of property

• total income before taxes

Payroll Tax

• taxes paid by employee based on their paycheck

• money added to the cost of a good or service

• money paid in the portion of the value of property

• Taxes taken out of an employees paycheck by their employer