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What is net income?

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Net income is the amount of money a person takes home after taxes and deductions are subtracted from their gross income.

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What is gross income?

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Gross income is the total amount of money earned before any taxes or deductions are taken out.

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What is income tax?

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Income tax is a tax that the government takes from a person's earnings.

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What is payroll tax?

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Payroll tax is a tax that employers withhold from employees' paychecks to fund social security and Medicare.

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What does a balanced budget mean?

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A balanced budget means that a person or organization is spending the same amount of money that they are earning.

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What are deductions?

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Deductions are amounts that are subtracted from a person's gross income, such as taxes and other fees.

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What is a budget?

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A budget is a plan that outlines how much money a person will earn and how much they will spend.

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What is a debit?

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A debit is an amount of money taken out of an account.

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What is a credit?

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A credit is an amount of money added to an account.

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What is sales tax?

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Sales tax is a tax added to the price of goods and services at the time of purchase.