Deductions
The money
an employer takes from an employee’s salary to cover taxes and benefits.
Gross pay
Pay or
wages before deductions.
Disposable income
The amount
of money left from gross income after compulsory deductions have been taken.
Net pay
Money
available to spend after compulsory and voluntary deductions are taken off
gross pay.
Discretionary income
The amount
of money left after all compulsory deductions are taken from gross pay and
after expenditures, such as taxes, are paid for. This money is available for a
person to spend as they wish.
Income tax
An amount
of money the federal government requires from those who earn income to pay to
it. It is used to pay for government and government programs.
Total income
Income from
all sources.
Taxable income
Net income
of an individual or a for-profit organizations.
Tax credit
An amount
of money that can be deducted from tax payable.
Property tax
The amount
of tax property owners pay. It is used to cover the cost of municipal services.
Sales tax
An amount
of money paid on retail purchases.
Mortgage
Loan to buy
a house or business.
Down payment
A sum of
money paid at the time of a purchase, usually on a large purchase (house, car).
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