Chapter 10 Income and Taxes

The amount you earn before taxes and other payroll deductions

• Gross Income

• Net Income

• Withholdings

• Income

What a person earns after payroll taxes and other deductions are taken out; often referred to as a take home pay

• Gross Income

• Net Income

• Withholdings

• Income

The portion of an employee's pay held back to cover taxes and other deductions

• Gross Income

• Net Income

• Withholdings

• Deductions

A one year period that governments or companies use for financial reporting

• Fiscal Year

• Withholdngs

• Net Income

• Reportng period

Spending more than you earn; an economic policy in which the governement spends publix funds raised by borrowing rather than by taxation

• Deficit Spending

• National Debt

• Consumer Spending

• Spending

The total amount of debt a country owes to companies and other countries as a result of deficit spending

• Total debt

• Personal debt

• Consumer debt

• National debt

Any income (wages/salary) that is generated by the work someone performs

• Portfolio Income

• Passive Income

• Earned Income

Money paid by the hour and for an agreed number of hours per week; especially for unskilled or manual labor

• Wage

• Deduction

• Salary

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

• Wage

• Salary

• Minimum wage

A fixed annual amount earned by an employee, typically paid weekly, biweekly, or monthly

• Salary

• Wage

• Minimum Wage