anything subtracted from your gross income. legal allowances that reduce the amount of income taxes...

CH 1.2 VOCAB

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Page 1: Anything Subtracted from your gross income. Legal allowances that reduce the amount of income taxes subtracted from your gross income

CH 1.2 VOCAB

Deductions

Anything Subtracted from your gross income.

Exemptions

Legal allowances that reduce the amount of income taxes subtracted from your gross income.

Gross Income

Wages or salary before deductions for taxes and other purposes.

Medicare

Federal government program, financed by deductions from wages, that pays for certain health expenses for older citizens.

Page 6: Anything Subtracted from your gross income. Legal allowances that reduce the amount of income taxes subtracted from your gross income

Net Income

Commonly called “Take home pay”; it is your income after deductions and exemptions.

Page 7: Anything Subtracted from your gross income. Legal allowances that reduce the amount of income taxes subtracted from your gross income

Social Security

A federal program that provides retirement, survivor’s, and disability benefits, funded by a tax on income, which appears on worker’s pay stubs as a deduction labeled FICA.

Page 8: Anything Subtracted from your gross income. Legal allowances that reduce the amount of income taxes subtracted from your gross income

FICA

Federal Income Contributions Act

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