Career prep Vocabulary

what is: gross income

• is the total amount of money you earn in a given pay period

• refers to the amount of money left in your paycheck

• a one year period that governments or companies use for financial reporting

• spending more that you earn

what is: fiscal year

• money earned on a regular basis with little or no effort required to maintain it

• the smallest amount that employers can legally pay their employees per hour

• a one year period that governments or companies use for financial reporting

• refers to the amount of money left in your paycheck after all deductions are taken out of gross income

is when the IRS reviews your tax documents to make sure you reported them correctly

what is: net income

• a representation on paper of stocks, bands, currencies, mutual funds & etc

• income from an investment sold at a higher price then when you paid for it

• any income that is generated by the work someone preforms

• refers to the amount of money left in your paycheck after all deductions are taken out of gross income

what is: deficit spending

• income from an investment sold at a higher price than when you paid for it

• money earned on a regular basis with little or no effort to maintain it

• spending more than you earn

• total amount of debt a country owes to companies and other countries

what is: earned income

• amount of money a taxpayer can subtract from the taxes they owe

• any income that is generated by the work someone preforms

• is the total amount of money you earn in a given pay period

• tax paid out by anyone who earns an income

what is: national debt

• total amount of debt a country owes to companies and other countries

• total amount of debt a country owes to a person or a small buisness

• total amount of money a country owes to companies and other nations

what is: minimum wage

• a report that a taxpayer has to submit annually to the government

• a state tax that you would pay with your own money on an asset you receive from someone when they pass away

• a tax based on the market value of owed assets

• the smallest amount that employers can legally pay their employees per hour of work

what is: portfolio income

• income from an investment sold at higher price then when you paid for it

• spending more than you earn the dollar amount people can subtract from their income before the tax is calculated

• Total amount of money your receive after taxes are taken out

what is: passive income

• a representation on paper of stocks, bands, currencies, mutual funds & etc

• is when the IRS reviews your tax documents to make sure you reported them correctly

• money earned on a regular basis with little or no effort required to maintain it

• a tax based on the market value of owed assets