Unit 4: Income, Taxes, Budgets and Money

What is net pay?

• The total earnings on your paycheck

• Three taxes that everyone must pay

• How much a person is worth in total

• The amount of your paycheck after taxes are taken out

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

An employee's fixed agreed yearly income. 

• Salary
• Deductions
• Wages
• Commission

a payment that is left by the generosity of the customers

• Salary

• Tip

• Independent Contractor

• Hourly

What kind of income? Tony worked as a waiter and made a wage that was paid by the restaurant. This amount would depend on the number of hours he worked.

• Salary

• Tip

• Independent Contractor

• Hourly

Tony worked building a back deck for a family. He was paid for his labor upon completion of the work. He had to fill out a 1099 form.

• Salary

• Tip

• Independent Contractor

• Hourly

the Federal Government earns most of its money from...

• Corporate Tax

• Social Security and Retirement

• Individual Income Tax

Capital Gains: Which one below best matches the term?

• result from the selling an asset for more than its purchase price.

• gains result from the selling of dividends for less than the purchase price.

Income from Dividend: Which one below best matches the term?

• result from the selling an asset for more than its purchase price.

• represents a share of a company's profits distributed to shareholders.

Gross Pay: Match the term with the best definition

• The total amount earned on a paystub

• The amount brought home after All deductions on a pay stub

• The amount brought home after taxes are deducted on a pay stub